M&A Deal Summary

Patricia Industries and HarbourVest Partners Acquires Advanced Instruments

On September 28, 2020, private equity firms Patricia Industries and HarbourVest Partners acquired test/measurement equipment company Advanced Instruments, Inc. from Windjammer Capital Investors LLC 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’ 3rd and HarbourVest Partners’ 43rd largest (disclosed) transaction.
  • This is Patricia Industries’ 2nd and HarbourVest Partners’ 119th transaction in the United States.
  • This is Patricia Industries’ 1st and HarbourVest Partners’ 8th transaction in Massachusetts.

M&A Deal Summary

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

Target

Advanced Instruments, Inc.

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 2016
SizeMiddle-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 2016 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 4 of 4
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 2
Year (2020) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-12 Aleris AB

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.

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
SizeMega
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 203 of 217
Sector (Test/Measurement Equipment) 2 of 2
Type (Secondary Buyout) 49 of 53
State (Massachusetts) 8 of 8
Country (United States) 119 of 128
Year (2020) 8 of 9
Size (of disclosed) 43 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-31 Colisee Patrimoine Group

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
2020-12-21 Signature Foods Belgium NV

Turnhout, Belgium

Signature Foods Belgium is a producer of chilled spreadable salads and convenience food. Signature Foods Belgium was founded in 2006 and is based in Turnhout, Belgium.

Buy -

Seller(S) 1

SELLER

Windjammer Capital Investors LLC

Newport Beach, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
SizeLarge
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 25
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 12 of 12
State (Massachusetts) 3 of 3
Country (United States) 24 of 25
Year (2020) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-11 Compex Legal Services, Inc.

Torrance, California, United States

Compex Legal Services, Inc. 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.

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

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 -