M&A Deal Summary

Danaher Acquires Leica Microsystems

On July 1, 2005, Danaher acquired test/measurement equipment company Leica Microsystems from Permira and Investcorp for 450M EUR

Acquisition Highlights
  • This is Danaher’s 4th transaction in the Test/Measurement Equipment sector.
  • This is Danaher’s 11th largest (disclosed) transaction.
  • This is Danaher’s 1st transaction in Germany.

M&A Deal Summary
Date 2005-07-01
Target Leica Microsystems
Sector Test/Measurement Equipment
Buyer(s) Danaher
Sellers(s) Permira
Investcorp
Deal Type Add-on Acquisition
Deal Value 450M EUR

Target

Leica Microsystems

Wetzlar, Germany
Leica Microsystems GmbH is a global designer and producer of high- precision optical systems for the analysis of microstructures. It is a market leader in microscopy, pathology diagnostics, surgical microscopes as well as semiconductor wafer defect and inspection solutions and specialized electron-beam lithography systems. The company manufactures a broad range of products for numerous applications that require either microscopic visual presentation, measurement, analysis or electron-beam lithography. Leica Microsystems is represented in over 100 countries with 10 manufacturing facilities located in Europe, China and Singapore, sales and service organizations in 19 countries and an international dealer network. Leica Microsystems GmbH is based in Wetzlar, Germany.

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Buyer(S) 1

Buyer

Danaher

Washington, District of Columbia, United States
Category Company
Founded 1969
Sector Diversified
Employees79,000
Revenue 23.9B USD (2023)
DESCRIPTION

Danaher designs, manufactures and markets professional, medical, industrial and commercial products and services. Danaher's research and development, manufacturing, sales, distribution, service and administrative facilities are located in more than 50 countries. Danaher's business consists of five segments: Test & Measurement; Environmental; Life Sciences & Diagnostics; Dental; and Industrial Technologies. Danaher was incorporated in 1969 and is based in Washington, District of Columbia.

DEAL STATS #
Overall 13 of 43
Sector (Test/Measurement Equipment) 4 of 9
Type (Add-on Acquisition) 10 of 39
Country (Germany) 1 of 2
Year (2005) 3 of 3
Size (of disclosed) 11 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-20 Pelton & Crane

Charlotte, North Carolina, United States

Pelton & Crane Co. is a designer and manufacturer of dental equipment With primary operations in Charlotte, North Carolina and Newberg, Oregon, Pelton & Crane manufactures and sells a broad range of dental equipment, including treatment units, lights, sterilizers and cabinetry for dental professionals.

Buy $85M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-06 Vistec Semiconductor Systems

Jena, Germany

Vistec Semiconductor Systems (formerly Leica Microsystems) is a leader in the design and manufacture of state-of-the-art quality control and defect analysis solutions and E-beam lithography systems for the semiconductor industry. Its technology is based on its heritage with Leica Microsystems and its core competencies in high-precision optics, mechanics, and software supported systems integration.

Sell -

Seller(S) 2

SELLER

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.

DEAL STATS #
Overall 19 of 90
Sector (Test/Measurement Equipment) 1 of 2
Type (Add-on Acquisition) 6 of 30
Country (Germany) 7 of 17
Year (2005) 4 of 5
Size (of disclosed) 31 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Grammar AG

Germany

Grammar AG is a worldwide leader in the innovative development and production of component parts and systems for car interiors as well as driver and passenger seats.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-19 Gala Coral Group

Essex, United Kingdom

Gala Coral Group Ltd. is a fast growing UK retail gaming company, Gala operates successfully in the UK bingo casino, licensed betting offices and multimedia gaming markets. It is by some margin the largest bingo operator in the UK.

Buy £1.9B
SELLER

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.

DEAL STATS #
Overall 26 of 106
Sector (Test/Measurement Equipment) 2 of 3
Type (Add-on Acquisition) 13 of 46
Country (Germany) 2 of 7
Year (2005) 2 of 3
Size (of disclosed) 17 of 43
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Wireless Telecom Group

Parsippany, New Jersey, United States

Wireless Telecom Group is a designer and manufacturer of advanced RF and microwave components, modules, systems, and instruments. Wireless Telecom Group was founded in 1985 and is based in Parsippany, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-11 US Unwired

Lake Charles, Louisiana, United States

US Unwired, Inc. is a provider of wireless telecom services to markets in the US.

Sell $1.3B
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