M&A Deal Summary

Patricia Industries and HarbourVest Partners Acquire Advanced Instruments

On September 28, 2020, private equity firms Patricia Industries and HarbourVest Partners acquired test/measurement equipment company Advanced Instruments from Windjammer Capital Investors for 780M USD

Acquisition Highlights
  • This is Patricia Industries’ 1st and HarbourVest Partners’ 2nd transaction in the Test/Measurement Equipment sector.
  • This is Patricia Industries’ 4th and HarbourVest Partners’ 44th largest (disclosed) transaction.
  • This is Patricia Industries’ 4th and HarbourVest Partners’ 123rd transaction in the United States.
  • This is Patricia Industries’ 1st and HarbourVest Partners’ 9th transaction in Massachusetts.

M&A Deal Summary
Date 2020-09-28
Target Advanced Instruments
Sector Test/Measurement Equipment
Buyer(s) Patricia Industries
HarbourVest Partners
Sellers(s) Windjammer Capital Investors
Deal Type Secondary Buyout
Deal Value 780M USD

Target

Advanced Instruments

Norwood, Massachusetts, United States
website
Advanced Instruments is a designer, manufacturer, and marketer of laboratory test equipment and related consumables for use in clinical, food and dairy, microbiology, pharmaceutical, and biotech markets. With an array of technical competencies, including being the world’s foremost authority on the application of Freezing Point Depression technology for measuring the osmolality of solutions, AI serves thousands of end-users in over 90 countries under the Advanced Instruments, Fiske, and Mart Microbiology brands. Advanced Instruments was founded in 1955 and is based in Norwood, Massachusetts.

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Buyer(S) 2

Buyer

Patricia Industries

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1995
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Patricia Industries is a diversified investor in mid-sized companies throughout Scandinavia and North America. The Firm is a part of publicly traded investor group Investor AB and looks to make long-term commitments in partnership with growth companies. Patricia Industries was formed in 1995 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 10 of 10
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 7 of 7
State (Massachusetts) 1 of 1
Country (United States) 4 of 4
Year (2020) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-12 Aleris Healthcare

Stockholm, Sweden

Aleris Healthcare is a provider of specialty care, healthcare and radiology with a strong footprint across Scandinavia. The company’s specialist care operations cover hospitals, outpatient clinics, radiology and labs through more than 100 units with approximately one million radiological examinations annually. Aleris Healthcare was founded in 1996 and is based in Stockholm, Sweden.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 208 of 223
Sector (Test/Measurement Equipment) 2 of 2
Type (Secondary Buyout) 50 of 55
State (Massachusetts) 9 of 9
Country (United States) 123 of 133
Year (2020) 8 of 10
Size (of disclosed) 44 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-31 Colisee

Paris, France

Colisee is a European operator of nursing home facilities and homecare services for the elderly. Colisee operates 270 nursing homes as well as assisted living facilities and home care service agencies across France, Belgium, Spain, and Italy. Colisee was established in 1976 and headquartered in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-08 MultiPlan

New York, New York, United States

MultiPlan is a provider of technology-enabled healthcare cost management solutions. The company provides a single gateway to a host of analytics- and network-based solutions for managing the financial risks associated with medical claims, as well as solutions that improve payment integrity by resolving waste, abuse and fraud before payments are made. MultiPlan was founded in 1980 and is based in New York city.

Sell -

Seller(S) 1

SELLER

Windjammer Capital Investors

Newport Beach, California, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.

DEAL STATS #
Overall 24 of 26
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 12 of 12
State (Massachusetts) 3 of 3
Country (United States) 24 of 26
Year (2020) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-11 Compex

Torrance, California, United States

Compex is a tech-enabled provider of outsourced medical records retrieval and litigation support services nationally. Compex has a track record of providing high-quality service, fast turnaround times and proven scalability to a blue-chip customer base including insurance carriers, third-party administrators, and law firms. Compex was founded in and is based in Torrance, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Paragon

Oak Ridge, Tennessee, United States

Paragon provides an unmatched level of commitment to tackling the nuclear industry’s difficult challenges. Dedicated to quality, safety, reliability, and carbon-free energy, the company delivers premium products to nuclear energy facilities with proven reductions in direct costs, parts inventory, improved process efficiency, and obsolescence solutions. Paragon was formed in 2000 and is based in Oak Ridge, Tennessee.

Buy -
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