M&A Deal Summary

Thermo Fisher Scientific Acquires Kendro Laboratory Products

On May 9, 2005, Thermo Fisher Scientific acquired test/measurement equipment company Kendro Laboratory Products from Water Street Healthcare Partners, Linden Capital Partners, Carlisle Enterprises and D2 Equity Capital

Acquisition Highlights
  • This is Thermo Fisher Scientific’s 2nd transaction in the Test/Measurement Equipment sector.
  • This is Thermo Fisher Scientific’s 6th transaction in the United States.
  • This is Thermo Fisher Scientific’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2005-05-09
Target Kendro Laboratory Products
Sector Test/Measurement Equipment
Buyer(s) Thermo Fisher Scientific
Sellers(s) Water Street Healthcare Partners
Linden Capital Partners
Carlisle Enterprises
D2 Equity Capital
Deal Type Add-on Acquisition

Target

Kendro Laboratory Products

Asheville, North Carolina, United States
Kendro Laboratory Products is a provider of sample preparation solutions to the life science industry. Products include centrifuges, bioprocess separators, incubators, freezers, ovens and clean air equipment.

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Buyer(S) 1

Buyer

Thermo Fisher Scientific

Waltham, Massachusetts, United States

Category Company
Founded 1956
Sector Test/Measurement Equipment
Employees122,000
Revenue 42.9B USD (2023)
DESCRIPTION
Thermo Fisher's corporate headquarters in Waltham, Massachusetts.
Thermo Fisher's corporate headquarters in Waltham, Massachusetts.

Thermo Scientific is a provider of analytical instruments, laboratory equipment, software, services, consumables and reagents for better workflow solutions spanning sample preparation, sample analysis, and data interpretation. Thermo Fisher Scientific was founded in 1956 and is based in Waltham, Massachusetts.


DEAL STATS #
Overall 8 of 62
Sector (Test/Measurement Equipment) 2 of 11
Type (Add-on Acquisition) 7 of 55
State (North Carolina) 1 of 4
Country (United States) 6 of 38
Year (2005) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-09 H+P Labortechnik

Munich, Germany

H+P Labortechnik GmbH is a manufacturer of steam sterilizers and magnetic stirrers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-10 Ionalytics

Ottawa, Ontario, Canada

Ionalytics Corp. is a provider of dynamic ion filtering device used with mass spectrometers in bioanalysis, proteomics and drug discovery.

Buy -

Seller(S) 4

SELLER

Water Street Healthcare Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 5 of 31
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 5 of 19
State (North Carolina) 1 of 2
Country (United States) 5 of 30
Year (2005) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-21 Medex

Hilliard, Ohio, United States

Medex, Inc. is a provider of system solutions for critical care medical products.

Sell $925M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-19 PLUS Diagnostics

Union, New Jersey, United States

PLUS Diagnostics, Inc. is a pathology company that provides a full range of multi-specialty services, including extensive diagnostic procedures and specialist consultations.

Buy -
SELLER

Linden Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Linden LLC is a private equity firm that invests in businesses involved in the healthcare and life science sectors. However, the firm also executes any size private equity transaction between $10 million to $2 billion through the firm's alliance with Madison Dearborn Partners. Linden is not a venture capital investor. The firm specializes in investments in non-core businesses owned by large corporations, as well as traditional management buyouts of independent companies. Linden LLC was formed in 2004 and is based in Chicago, Illinois.


DEAL STATS #
Overall 5 of 27
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 12
State (North Carolina) 1 of 1
Country (United States) 5 of 27
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-13 Ranir

Grand Rapids, Michigan, United States

Ranir LLC is a manufacturer of private label consumer oral and personal care products, including power and manual toothbrushes, teeth whiteners, dental floss and flossers, interdental devices, travel accessories and more. Ranir LLC was founded in 1979 and is based in Grand Rapids, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-01 Focused Health Solutions

Deerfield, Illinois, United States

Focused Health Solutions, Inc. provides health management services in the United States. The company provides data analysis, condition specific clinical pathways, telehealth technology, health risk assessments, and clinical services.

Buy -
SELLER

Carlisle Enterprises

San Diego, California, United States

Investor Investor


Category Private Equity Firm
Founded 1990
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Carlisle Enterprises is a private equity firm focused on investing in companies providing products and services to industrial, commercial and consumer markets. Prospective transaction situations include recapitalizations, divestitures, consolidations, minority and growth financings. Carlisle prefers businesses located within the US. The Firm will consider both profitable companies and turnaround situations. Carlisle's target investment range is up to $100 million of equity capital. Carlisle is partnered with and relies on private equity firm Centre Partners to fund acquisitions. Carlisle Enterprises is based in San Diego, California.


DEAL STATS #
Overall 5 of 16
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 8
State (North Carolina) 1 of 1
Country (United States) 4 of 15
Year (2005) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-23 Uno Restaurant

Boston, Massachusetts, United States

Uno Restaurant is an operator and franchiser of full-service, casual dining restaurants. Uno has more than 200 restaurants located in 32 states and selected international cities.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-19 Garden Fresh

San Diego, California, United States

Garden Fresh offers a broad variety of fresh food alternatives in an all-you-care-to-eat format. Each day begins fresh at the more than 100 company-owned restaurants in 11 states. More than 300 million guests since 1978 have helped us be number one in fresh produce and salads, made-from-scratch soups, hot pastas, freshly baked breads and muffins, fresh fruit, desserts, and more. Guests have the freedom to create their own wholesome meal in a one-of-a-kind dining experience in a friendly atmosphere and all at an everyday value.

Sell -
SELLER
DESCRIPTION

D2 Equity Capital is a private investment firm focused on acquiring lower middle-market companies operating in traditional industries. The Firm seeks businesses with $10 to $50 million in revenue, principally located in the Southwestern US. Sectors of interest include manufacturing, distribution, and services. D2 Equity Capital was established in 2013 and is based in San Diego, California.


DEAL STATS #
Overall 2 of 5
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 3
State (North Carolina) 1 of 1
Country (United States) 2 of 5
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-02-01 Benetech

Aurora, Illinois, United States

Benetech is a domestic supplier of dust management systems to the coal and electric utility industries. The company designs, manufactures, installs and maintains dust management equipment for its customers and provides the chemicals utilized by its equipment. Benetech was founded in 1983 and is based in Aurora, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-08 Benetech

Aurora, Illinois, United States

Benetech is a domestic supplier of dust management systems to the coal and electric utility industries. The company designs, manufactures, installs and maintains dust management equipment for its customers and provides the chemicals utilized by its equipment. Benetech was founded in 1983 and is based in Aurora, Illinois.

Sell -