Windjammer Capital ("Windjammer") is pleased to announce it has signed an agreement with Patricia Industries, a part of Investor AB, to sell Advanced Instruments, LLC ("Advanced Instruments", “AI” or the "Company") for an enterprise value of $780 million.
Founded in 1955 and headquartered in Norwood, Massachusetts, Advanced Instruments is a global provider of scientific and analytical instruments for the clinical, biotechnology, and food and beverage industries. The Company has a diverse portfolio of products, including freezing-point depression osmometers, jar systems for bacterial cultivation, automated cell counters, cryoscopes, pasteurization test systems, and testing standards and controls.
Windjammer acquired Advanced Instruments from its founding family in October 2016 and proceeded to transform the business into an innovative, market-focused and growth-oriented platform. The resulting strength of the Company’s R&D capabilities, robust new product pipeline and success in aligning functional activities with commercial objectives – coupled with rapid expansion in the biopharmaceutical, cell and gene therapy industries – have positioned AI for continued strong revenue and EBITDA growth well into the future.
Craig Majernik, Managing Director at Windjammer, said: “Our success in recruiting a world class executive leadership team, setting the strategic direction and investing to support the execution of that strategy were all critical factors in driving significant value creation for our investors over the past four years. Also key was identifying a business with the market leadership, recurring revenue, mission-critical and low cost-to-value product characteristics that are common across Windjammer’s investment portfolio; and recognizing the Company’s potential to achieve best-in-class growth and profitability. AI is a great example of where Windjammer can have success in the healthcare sector, in this case targeting the intersection of life science tools, diagnostics and biopharma enabling products and services."
“I was attracted to Advanced Instruments by its strong technical foundation,” said Byron Selman, President and CEO since May 2017, “and saw the potential to transform the management, culture and commercial orientation of the business. Windjammer proved to be an invaluable partner in this process as we aligned from the beginning around pace of change, transparency, data-driven decision making and a focus on results. Today’s culture at AI is dynamic, entrepreneurial, and fully aligned across all functions with our growth objectives.”
The transaction is subject to approval by the relevant competition authorities and expected to close in the fourth quarter of 2020.
If you have any questions please contact Craig Majernik or Greg Bondick at (781) 530-9100.
Advanced Instruments was advised by Morgan Stanley & Co. LLC.
Windjammer Capital is a national private equity investment firm, based in Newport Beach, CA and Waltham, MA that invests control equity in middle-market businesses and in partnership with management. Since its founding in 1990, Windjammer has managed over $2 billion of committed capital with respect to its control equity investment strategy, and since inception has completed over 50 platform investments and more than 100 strategic add-ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance.