Leonard Green & Partners (LGP), a private equity investment firm with over $50 billion of assets under management, has recently acquired a majority stake in Pace, a provider of analytical and life sciences testing and services. Pace’s majority was acquired from Aurora Capital Partners, a middle-market private equity firm, and while Aurora is no longer the majority shareholder it will still hold shares alongside LGP. Financial terms were not disclosed.
Between its Life Sciences Division and Analytical services, Pace has over 65 analytical testing laboratories, 8 life science labs, and more than 45 service centers. “Pace has established itself as the North American leader in the analytical and life sciences testing industry, offering an extensive suite of services and trusted for decades by its blue-chip customer base,” said David Kass, a Principal at LGP.
“As a market leader with a highly resilient business model, multiple avenues for growth, and world-class management team, Pace has been an ideal fit for the Aurora program,” said Randy Moser, Partner at Aurora. “We are delighted to have the opportunity to continue partnering with Pace and to work with the LGP team to help the Company capitalize on the many organic and inorganic opportunities we see across the business. We also thank Steve Vanderboom, Pace’s founder, for selecting us as his partner in 2016, and congratulate him on his retirement.”
Houlihan Lokey served as the lead financial advisor to Pace on the transaction, and Robert W. Baird & Co. also advised the Company. Gibson, Dunn & Crutcher LLP served as legal advisor to Pace. Latham & Watkins LLP served as legal advisor to LGP. Kirkland & Ellis LLP served as legal advisor to Aurora.