New Mountain Capital, an investment firm with over $37 billion in assets under management, has agreed to acquire the PerkinElmer applied, food, and enterprise businesses, in a deal worth up to $2.45 billion.

The acquired business units include PerkinElmer’s OneSource lab and field services, a portfolio of spectroscopy instruments, consumables serving the biopharma, food, environmental & safety, and applied end markets.

“PerkinElmer has a long history of market-leading innovation, and we are excited to partner with this dedicated team to support the next phase of growth,” said Andre Moura, managing director at New Mountain Capital. “The business we are acquiring provides mission-critical solutions that enable scientists and researchers to perform their important work, including developing and manufacturing biopharmaceuticals, ensuring a cleaner and safer environment and food supply, and helping to provide high-quality products to demanding customers. New Mountain intends to continue to invest behind the business as we pursue a dynamic growth strategy.”