Caption: firefly®, an innovative liquid handling platform for next-generation sequencing library preparation.
- EQT Private Equity to acquire SPT Labtech, a manufacturer and designer of automated instruments and consumables for life science research with a focus on liquid handling, sample management and Cryogenic Electron Microscopy (“Cryo-EM”) sample preparation technologies
- SPT Labtech’s products support cutting-edge life sciences research, providing agility, efficiency and productivity for a broad range of applications to advance human health
- EQT Private Equity will support SPT Labtech’s next phase of growth by focusing on continued product innovation, scaling the Cryo-EM sample preparation segment and growing the business in new and existing geographies
Cambridge, UK – SPT Labtech (“SPT” or “The Company”) a global leader in the design and development of automated instrumentation and consumables for life science applications, announces its acquisition by EQT IX Fund (“EQT Private Equity”), a purpose-driven, global investment organization, from current owners Battery Ventures. The deal will underpin and accelerate SPT Labtech’s impressive trajectory of market growth and leadership in innovative product development for enabling better science and advancing human health.
Since 1997, SPT Labtech has designed and manufactured innovative solutions for liquid handling, sample preparation and management, transforming the way scientists do laboratory research by enabling greater productivity and efficiency. Headquartered in Melbourn, UK, the Company has been owned by Battery Ventures since its spin-out from TTP Group in 2018.
Under Battery Ventures’ ownership, SPT Labtech has cemented its leading share in the low throughput liquid handling market, and has also strengthened and diversified its portfolio of products, expanded its geographic reach, and continued to create innovative automated solutions for genomics, multi-omics, drug discovery, cryo-EM, and other key life science applications.
The deal with EQT Private Equity will enable SPT Labtech to capitalize on this strong foundation of organic and acquisition-based growth and execute against an ambitious strategic vision for product innovation, geographic expansion, and targeting new end markets to address the evolving needs of the life science community.
David Newble, CEO of SPT Labtech said, “We at SPT greatly appreciate the stewardship of the Battery team over the last four years and we are very keen to welcome EQT as our new owner and look forward to benefiting from the broad range of capabilities and expertise the EQT platform can offer. We are ready to embark on the next phase of our growth journey, in which we aim to foster SPT Labtech’s strong market positions in our existing businesses and explore new market opportunities, while meeting our life science customers’ needs for innovation, and making a positive impact on society. We are aligned with the EQT team on our joint vision for the future of the company and could not imagine a better new owner.”
Michael Bauer, Partner, and Global Co-Head of the Healthcare Team at EQT Private Equity, said, “We are excited to work with SPT Labtech and make an acquisition in our prioritized Life Sciences Tools subsector. We have been following the company for a long time and are thrilled to now be able to partner with CEO David Newble and his team. We believe the combination of our unique industry expertise, including our external EQT Advisor Network and in-house digital team, and industrial know-how position us to support the company on its next phase of growth and enhance its mission of ‘making a difference in human health in everything we do’.”
The transaction is subject to customary conditions and approvals and is expected to close during Q3 2022.
EQT is a purpose-driven global investment organization with EUR 77 billion in assets under management across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. More info: www.eqtgroup.com
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About SPT Labtech
SPT Labtech makes products that transform the way scientists work. For nearly two decades, our expert scientists, engineers and business innovators have created innovative solutions for liquid handling, sample preparation and management that help accelerate research and make a real difference to human health. We work collaboratively with our customers, building trusted relationships that enable us to deliver exceptional, personalized experiences designed for real world challenges in the lab. For more information visit www.sptlabtech.com
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, Tel Aviv, London and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.