Thermo Fisher Sells Genevac
WALTHAM, Mass., April 4, 2007 -- Analytical instrument and lab equipment maker Thermo Fisher Scientific Inc. announced yesterday that it has sold its Genevac business, a manufacturer of vacuum concentrators, to private equity firm Riverlake Equity Partners LP of Portland, Ore. Specific terms of the deal were not disclosed.
Riverlake said it intends to eventually merge Genevac Ltd., a maker of solvent evaporation systems used for drug discovery, molecular biology and in life science research markets, into its laboratory equipment products and services company, SP Industries Inc., of Warminster, Pa. Charles L. Grant, a Riverlake partner and CEO of SP, will lead Genevac's operations.
Thermo Fisher Scientific was required by the European Commission (EC) and the Federal Trade Commission (FTC) on Nov. 9 to divest itself of Genevac, a $17 million business of Fisher Scientific International Inc., as the sole condition to both commissions' approval of the merger of Thermo Electron Corp. with Fisher Scientific. The company had until April 9 to divest the business to a buyer approved by the FTC and EC.
Founded in 1990, Genevac Ltd. has its headquarters in Ipswich, England, and has sales and service operations in Valley Cottage, N.Y. The company manufactures evaporation systems specifically designed to remove solvent in life science research. The process concentrates and preserves scientific samples that do not require freeze-drying.
SP, acquired by Riverlake in March 2005, manufactures specialty glassware and equipment serving the pharmaceutical, biotechnology, educational, industrial and OEM markets with products sold under brand names such as VirTis, FTS, Hull, HotPack and Wilmad Lab Glass.
For more information, visit: www.thermofisher.com
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