M&A Deal Summary

Danaher Acquires X-Rite

On April 10, 2012, Danaher acquired test/measurement equipment company X-Rite from One Equity Partners and Tinicum Capital Partners for 625M USD

Acquisition Highlights
  • This is Danaher’s 7th transaction in the Test/Measurement Equipment sector.
  • This is Danaher’s 11th largest (disclosed) transaction.
  • This is Danaher’s 19th transaction in the United States.
  • This is Danaher’s 1st transaction in Michigan.

M&A Deal Summary

Date 2012-04-10
Target X-Rite
Sector Test/Measurement Equipment
Buyer(s) Danaher
Sellers(s) One Equity Partners
Tinicum Capital Partners
Deal Type Add-on Acquisition
Deal Value 625M USD
Advisor(s) Centerview Partners (Financial)
Winston & Strawn (Legal)

Target

X-Rite

Grand Rapids, Michigan, United States
X-Rite is a provider of in color measurement and color management, offering hardware, software and services for measuring, formulating and matching color. The Company serves a range of industries, including printing, packaging, photography, graphic design, video, automotive, paints, plastics, textiles, dental and medical. X-Rite serves customers worldwide from its offices in Europe, Asia and the Americas.

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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 27 of 43
Sector (Test/Measurement Equipment) 7 of 9
Type (Add-on Acquisition) 24 of 39
State (Michigan) 1 of 1
Country (United States) 19 of 28
Year (2012) 2 of 3
Size (of disclosed) 11 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-06 Kollmorgen Electro-Optical

Northampton, Massachusetts, United States

Kollmorgen Electro-Optical, Inc., develops and manufactures specialized equipment, including submarine photonics systems and periscopes, ship fire control systems, visual landing aids, ground electro-optical and sensor-cueing systems.

Sell $210M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-17 IRIS International

Chatsworth, California, United States

IRIS International, Inc. is a manufacturer of automated in-vitro diagnostics systems and consumable. Company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids.

Buy $338M

Seller(S) 2

SELLER

One Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Equity Partners (OEP) is a private equity firm that targets buyout and growth capital investments in North America, Europe, and Asia. OEP prefers to be the lead investor and typically commits $30 to $300 million per transaction. Sectors of interest include industrial products/services, consumer, retail, chemicals, media, communications, and healthcare. One Equity Partners was formed in 2001 and spun out of JP Morgan Chase in 2015. One Equity Partners is based in New York City.


DEAL STATS #
Overall 15 of 63
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 11 of 36
State (Michigan) 1 of 2
Country (United States) 12 of 42
Year (2012) 4 of 6
Size (of disclosed) 13 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-02 Vertrue

Norwalk, Connecticut, United States

As a leading internet direct response marketing company, Vertrue partners with eCommerce companies to allow them to sell additional products and services to their customers and to enhance customer loyalty.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-23 Wow! Nutrition

São Paulo, Brazil

Wow! Nutrition is a food and beverage company in Brazil, with a relevant presence in juices, teas, diet and light products, infant nutrition, among other segments. The company owns brands such as Sufresh, Feel Good, Soyos, Gold, Tal & Qual, Assugrin, Doce Menor, Woman Care, Akoko and Vitalon brands, and distributes its products in over 130,000 points of sale throughout Brazil. Wow! Nutrition was founded in 1999 and is based in São Paulo, Brazil.

Buy -
SELLER

Tinicum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tinicum Capital Partners is a private equity group that seeks to acquire control of companies through acquisitions or restructurings or to take minority stakes in public or private companies through equity or debt securities. Tinicum's target equity investment size is between $30 and $150 million per transaction. Sectors of interest include aerospace; HVAC components; medical devices; financial services; specialty industrial products or components; pumps, valves and other process control equipment; specialty machinery; electrical equipment; motors and motion control equipment; specialty metals/magnetics; and media/advertising. The Firm will not consider investments in venture capital, real estate, or unproven technology. Tinicum was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 14 of 27
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 7 of 12
State (Michigan) 1 of 1
Country (United States) 12 of 24
Year (2012) 2 of 3
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-12 Western Pneumatic Tube

Kirkland, Washington, United States

Western Pneumatic Tube Co. is a provider to the aerospace industry of integral components for critical aircraft systems.

Sell $188M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-12 Forum Energy Technologies

Houston, Texas, United States

Forum Energy Technologies is a provider of manufactured technologies and applied products to the energy industry, serving the subsea, drilling, completion, production, and flow control segments. Forum Energy Technologies was founded in 2005 and is based in Houston, Texas.

Buy -