Barloworld Sells Scientific Lab Group to Private Equity Firm
Michael Kelly, managing director of Nova Capital Management, told IBO that the plans for the Group are “very much a growth strategy.” He said that all the businesses have room for organic growth, with the greatest opportunities in the Carbolite business. In the highly competitive sectors such as glassware and plasticware, Nova plans to increase production and distribution efficiencies. Nova also plans to invest in the companies through R&D and possible acquisitions, as well as to expand distribution in North America and elsewhere.
Johannesburg, South Africa 10/26/07; London, UK 10/26/07—Industrial conglomerate Barloworld has sold its Scientific Laboratory Group to Nova Capital Management for £75 million ($153.7 million). The Scientific Laboratory Group consists of five product lines: Pyrex lab glassware, Sterilin and Azlon lab plasticware, Stuart temperature control and motion equipment, Techne temperature control and calibration equipment, and Jenway spectrophotometry and electrochemistry equipment; Carbolite furnaces and ovens; and Afora SA, a Spanish distributor of lab equipment. The manufacturing businesses are based in the UK and the five businesses together employ 950 people. “Working with Nova provides the Group with a fresh opportunity to further develop the businesses through accelerated new product development and extra investment in distribution into the high growth developing markets,” stated Chris O’Connor, managing director of the Laboratories Group. The transaction is expected to close by the end of November.
