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M&A Deal Summary

Waters Acquires Halo Labs

On May 21, 2025, Waters acquired life science company Halo Labs from The BroadOak Fund

Acquisition Highlights
  • This is Waters’ 3rd transaction in the Life Science sector.
  • This is Waters’ 10th transaction in the United States.
  • This is Waters’ 2nd transaction in California.

M&A Deal Summary
Date 2025-05-21
Target Halo Labs
Sector Life Science
Buyer(s) Waters
Sellers(s) The BroadOak Fund
Deal Type Add-on Acquisition

Target

Halo Labs

Burlingame, California, United States
Halo Labs offers low-volume, high-throughput tools to characterize biopharmaceutical drug product stability and safety. From developability assessment through quality control, the company provides unprecedented insights that reduce development time and improve patient safety. Halo Labs is based in Burlingame, California.

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Buyer(S) 1

Buyer

Waters

Milford, Massachusetts, United States
Category Company
Founded 1958
Sector Test/Measurement Equipment
Employees7,600
Revenue 3.0B USD (2024)
DESCRIPTION
Entrance to Waters' corporate headquarters in Milford, Massachusetts.
Entrance to Waters' corporate headquarters in Milford, Massachusetts.

Waters is a manufacturer of high and ultra-high performance liquid chromatography and mass spectrometry instruments. It offers thermal analysis, rheometry, and calorimetry instruments and supplies software based products to interface with the company's and other manufacturers' instruments. Waters was formed in 1958 and is based in Milford, Massachusetts.

DEAL STATS #
Overall 12 of 12
Sector: Life Science M&A 3 of 3
Type: Add-on Acquisition M&A Deals 11 of 11
State: California M&A 2 of 2
Country: United States M&A 10 of 10
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-15 Wyatt Technology

Santa Barbara, California, United States

Wyatt Technology is a provider of light scattering instrumentation and software for determining the absolute molar mass, size, charge and interactions of macromolecules and nanoparticles in solution. Wyatt Technology is based in Santa Barbara, California.

Buy $1.4B

Seller(S) 1

SELLER

The BroadOak Fund

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Size Small
Type Sector Focused
DESCRIPTION

The BroadOak Fund is the investment affiliate of life science focused investment bank BroadOak Capital Partners. The BroadOak Fund provides growth capital to life sciences tools and service providers that have achieved a level of commercial success. The BroadOak Fund is based in Bethesda, Maryland.

DEAL STATS #
Overall 7 of 8
Sector: Life Science M&A 6 of 7
Type: Add-on Acquisition M&A Deals 6 of 7
State: California M&A 2 of 3
Country: United States M&A 7 of 8
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-23 Emvenio Research

Durham, North Carolina, United States

Emvenio Research is a decentralized research organization (DRO) providing scalable and hybrid decentralized trial solutions with a focus on improving access and health equity in clinical research. Emvenio Research is based in Durham, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-17 S2 Genomics

Livermore, California, United States

S2 Genomics develops automated processing of raw tissues into single cells or nuclei for genomics and cell biology studies. S2 Genomics is based in Livermore, California.

Sell -
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