M&A Deal Summary

Eurofins Scientific Acquires TestAmerica Environmental Services

On October 1, 2018, Eurofins Scientific acquired test/measurement equipment company TestAmerica Environmental Services from H.I.G. Private Equity and American Capital for 175M USD

Acquisition Highlights
  • This is Eurofins Scientific’s 9th transaction in the Test/Measurement Equipment sector.
  • This is Eurofins Scientific’s 6th largest (disclosed) transaction.
  • This is Eurofins Scientific’s 23rd transaction in the United States.
  • This is Eurofins Scientific’s 1st transaction in Ohio.

M&A Deal Summary

Date 2018-10-01
Target TestAmerica Environmental Services
Sector Test/Measurement Equipment
Buyer(s) Eurofins Scientific
Sellers(s) H.I.G. Private Equity
American Capital
Deal Type Add-on Acquisition
Deal Value 175M USD

Target

TestAmerica Environmental Services

North Canton, Ohio, United States
TestAmerica Environmental Services LLC is the largest provider of outsourced laboratory testing services in several of the most attractive niche segments within the $10 billion non-clinical outsourced laboratory testing services market. Company headquartered in Asheville, North Carolina.

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Buyer(S) 1

Buyer

Eurofins Scientific

Luxembourg, Luxembourg

Category Company
Founded 1987
Sector Life Science
Employees62,000
Revenue 6.5B EUR (2023)
DESCRIPTION

Eurofins Scientific is an international group of laboratories providing a unique range of analytical testing services to the pharmaceutical, food, environmental and consumer products industries and to governments. Eurofins Scientific was incorporated in 1987 and is based in Luxembourg City.


DEAL STATS #
Overall 79 of 98
Sector (Test/Measurement Equipment) 9 of 11
Type (Add-on Acquisition) 57 of 73
State (Ohio) 1 of 2
Country (United States) 23 of 31
Year (2018) 14 of 16
Size (of disclosed) 6 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-05 Clinical Research Laboratories

Piscataway, New Jersey, United States

Clinical Research Laboratories is an independent contract laboratory providing a wide range of clinical safety and efficacy testing to the cosmetic, personal care, and pharmaceutical industries. Clinical Research Laboratories was formed in 1992 and is based in Piscataway, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-29 Laboratoire Dermscan SAS

Villeurbanne, France

Laboratoire Dermscan SAS is a provider of cosmetic & personal care products testing services. Laboratoire Dermscan SAS was founded in 1990 and is based in Villeurbanne, France.

Buy -

Seller(S) 2

SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.


DEAL STATS #
Overall 104 of 174
Sector (Test/Measurement Equipment) 2 of 2
Type (Add-on Acquisition) 46 of 72
State (Ohio) 4 of 5
Country (United States) 80 of 120
Year (2018) 12 of 17
Size (of disclosed) 14 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-01 Wellpath

Nashville, Tennessee, United States

Wellpath is a provider of outsourced correctional and behavioral healthcare services to jail, prison and other behavioral care facilities. Born out of the joining of two great companies, Correct Care Solutions and Correctional Medical Group Companies, Wellpath has over 35 years of experience providing high-quality medical and behavioral care to often overlooked patient populations in challenging clinical environments. Wellpath provides localized, high-quality, compassionate healthcare to nearly 300,000 patients daily in more than 550 health clinics and hospitals. Wellpath was founded in 2005 and is based in Nashville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-03 Tecfil

Guarulhos, Brazil

Tecfil is a Brazilian automotive filter producer. The Company focuses on the aftermarket segment while also supplying the top automakers in Brazil. The Company sells over 3,000 SKUs under its 2 brands in nearly 30 countries. Tecfil was founded in 1953 and is based in Guarulhos, Sao Paulo.

Buy -
SELLER

American Capital


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 190 of 194
Sector (Test/Measurement Equipment) 3 of 3
Type (Add-on Acquisition) 87 of 87
State (Ohio) 9 of 11
Country (United States) 182 of 186
Year (2018) 2 of 2
Size (of disclosed) 31 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-10 ASAP Industries

Houma, Louisiana, United States

ASAP Industries is a manufacturer of high-pressure flow control products and provider of BOP repair and recertification services primarily to the North American oil and gas industry. ASAP Industries was founded in 2003 and is based in Houma, Louisiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-14 CPP

Cleveland, Ohio, United States

CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

Sell -