Sterigenics International Inc. is changing private equity ownership for $675 million.
Chicago-based firm GTCR LLC entered into a deal to buy the sterilization and ionization services company from fellow Chicagoans PPM America Capital Partners and Europe-based Silverfleet Capital.
The companies expect the deal to close by the end of the second quarter of 2011.
Silverfleet and PPM, along with Sterigenics management, paid $311.5 for the company in 2004. After the takeover, the company expanded with new facilities in Shanghai and Wiesbaden, Germany and bolstered eight other service centers with more than $100 million in investment, the companies said. By the end of 2010, Sterigenics earnings had increased by 75 per cent, according to the companies.
GTCR said the deal will drive the continued expansion of Sterigenics’ service offering globally, in a prepared release.
Sterigenics operates 38 facilities worldwide and employs mores 1,300 people. The Oak Brook, Ill.-based company offers sterilization services to the medical device and food industries that include ethylene oxide, gamma ray, electron beam and x-ray processing.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
- Quest Diagnostics buy Athena Diagnostics from Thermo Fisher
Madison, N.J.-based Quest Diagnostics Inc. (NYSE:DGX) signed a definitive agreement to acquire Athena Diagnostics, an esoteric laboratory specializing in genetic testing for neurological disorders, from Thermo Fisher Scientific Inc. (NYSE:TMO) for $740 million in cash. Worcester, Mass.-based Athena Diagnostics is a provider of advanced diagnostic tests used to rule out, or confirm, physicians’ diagnoses of neurological conditions, such as Alzheimer’s disease, neuromuscular disorders, such as Spinal Muscular Atrophy, and developmental disorders. Athena test menu and intellectual property portfolio for neurological conditions includes more than 350 diagnostic tests.
- Thermo Fisher to offload Lancaster Labs
Walthm, Mass.-based Thermo Fisher also reached an agreement to sell Lancaster Laboratories to Eurofins Scientific SE for $200 million, subject to a post-closing adjustment. Lancaster, Pa.-based Lancaster Labs is a contract-testing laboratory that provides comprehensive analytical services for pharmaceutical, biopharmaceutical and environmental sciences customers. The business had approximately $115 million in revenues for full year 2010, has approximately 1,100 employees at its operations in the U.S. and Ireland, and is part of the company’s biopharma services business within its Laboratory Products and Services Segment. Brussels, Belgium-based Eurofins Scientific is a provider of laboratory services for the pharmaceutical, bioanalytical, environmental and food processing industries. Eurofins reported revenues of approximately $900 million in 2010 and has 8,000 employees located in 30 countries throughout Europe, the U.S., Asia and South America.
- Bruker to acquire Michrom
Billerica, Mass.-based Bruker Corp. (NSDQ:BRKR) signed an agreement to acquire Michrom Bioresources Inc., a 20 year old, privately owned company based in Auburn, Calif. Michrom provides liquid chromatography (LC) instrumentation, accessories, and consumables for applications in the life science, chemical and applied markets. In particular, Michrom recently has launched the novel Advance nanoflow ultra-high performance liquid chromatography system and proprietary CaptiveSpray Ionization sources for coupling to mass spectrometry in proteomics and other life-science applications. The financial details of the transaction were not disclosed, and the closing is expected within weeks. Michrom’s revenue was approximately $3 million in 2010. Bruker intends to retain all of Michrom’s employees, and Michrom’s founder and president, Kerry Nugent, is expected to join Bruker as ‘Senior Vice President — Liquid Chromatography.’