Private equity firm GTCR is buying Cole-Parmer Instrument Co. from Thermo Fisher Scientific Inc. (NYSE: TMO) for $480 million.
Cole-Parmer, headquartered in Vernon Hills, Illinois, manufactures and distributes laboratory equipment and instruments to customers in the pharmaceutical, biotechnology, health care, chemical and food industries. The company makes branded products, including Masterflex pump tubing, Oakton water quality and temperature instruments and Digi-Sense precision measurement tools, as well as private-label products.
GTCR is making the investment from GTCR Fund XI, which closed with $3.85 billion in 2014. The Chicago firm won Mergers & Acquisitions M&A Mid-Market Private Equity Firm of the Yearaward for 2013. In July, GTCR-backed Opus Global announced its first acquisition and picked up Hiperos LLC, a third-party management software. In June, GTCR bought Vocus Inc., a cloud-based public relations and marketing software, with plans to combine it with another GTCR-owned cloud-based software company, Cision.
Credit Suisse served as GTCR's financial adviser and will provide financing for the transaction. Kirkland & Ellis LLP provided legal advice.