Private-Equity Firm Buys Cole-Parmer
Thermo President and CEO Marc Casper stated on the company’s quarterly conference call that the business was different from its other channel business in that it provided less opportunity to sell self-manufactured products. Bloomberg’s May report that Thermo was seeking to sell Cole-Parmer stated that the company was seeking over $500 million for the business. In 2001, when it was purchased by Fisher Scientific, Cole-Parmer had annual revenues of around $170 million (see IBO 9/15/01).
Waltham, MA 7/17/14; Chicago, IL 7/17/14—Private-equity firm GTCR has agreed to buy Thermo Fisher Scientific’s Cole-Parmer Instrument business (see IBO 5/31/14), part of its Laboratory Products and Services Segment, for $480 million in cash. Based in Illinois with 400 employees, Cole-Parmer is a manufacturer and distributor of laboratory supplies, specializing in fluid-handling, test and measurement, and electrochemistry products. In 2013, Cole-Parmer generated $230 million in revenues. “We believe Cole-Parmer’s strong reputation, management team and portfolio of leading brands provides a unique position within the diverse end-markets it serves,” stated Dean Mihas, managing director at GTCR. “GTCR looks forward to investing in the business and building a leading company within the life sciences and lab-supply industry.” Thermo anticipates an immaterial impact on 2014 EPS. The transaction is expected to close in the third quarter.
