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Pharmaceutical Processing News
News Release from: Genevac
Edited by the Processingtalk Editorial
Team on 12 April 2007
Genevac has been acquired by Riverlake
Partners
Riverlake Partners, a US-based private equity firm, has announced the acquisition of Genevac from Thermo Fisher Scientific, the world leader in serving science
Riverlake Partners, a US-based private equity firm, has announced the acquisition of Genevac from Thermo Fisher Scientific, the world leader in serving science Genevac is a leading global manufacturer of high performance solvent evaporation systems for drug discovery, molecular biology and life science research markets
This article was originally published on Processingtalk on 21 Jul 2008 at 8.00am (UK)
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MVC Capital participated in the financing, in conjunction with Riverlake.
Riverlake will merge Genevac into its platform investment, SP Industries, to create a dynamic global equipment company.
Other SP brands include HotPack, VirTis and FTS, which was acquired in October 2006.
Further reading
Breakthrough in optimised freeze-drying cycles
FTS Smart Freeze-Dryer Technology is a breakthrough development tool enabling development scientists to accelerate and streamline the development of freeze-drying cycles for protein-based therapeutics
Compact evaporator delivers top performance
The EZ-2 Series centrifugal evaporator from Genevac, world leader in solvent removal technologies, uniquely combines top performance and high sample safety in a compact benchtop unit
Pressure control helps smooth sample concentration
Genevac has introduced a new pressure control innovation for their popular miVac Duo and Quattro sample concentrators that enable the gentle onset of concentration and prevents sample splashing
Together, SP develops, manufactures and markets a broad line of durable laboratory equipment sold worldwide.
This acquisition will play a critical role in the future SP growth and expansion.
Charles L Grant, a Riverlake partner and chief executive officer of SP, will lead Genevac operations during the consolidation process and beyond.
"As the industry consolidates, we will continue to seek strategic acquisitions that will enable SP to expand its worldwide operating platform, streamline its operations, and more effectively compete in the global marketplace," said Grant: "By integrating our lines of complementary laboratory equipment products, we can provide our international customer base with a more robust product offering".
Two of the major Genevac product lines include the Genevac EZ2 and HT Series Evaporators and the miVac concentrators.
The evaporators are designed for drug discovery and research and are typically sold to pharmaceutical and biotechnology companies: for example Evotec (UK) and others.
The miVac concentrator is focused on the life sciences research market, principally for concentrating biologicals.
"Through its SP platform investment, Riverlake has an unparalleled understanding of our industry and its various marketing channels," said Jim Roche, general manager, Genevac: "Their unique approach to managing portfolio companies makes Riverlake a valued business partner in this transaction, especially as Genevac positions itself for the next stage of growth".
The wealth of industry knowledge and management expertise in SP will provide Genevac with strategic, operational and financial support and enable the company to grow and meet the increasing demands of its loyal client base.
In conjunction with the existing management team, Mr Grant will help oversee the development and execution of the company's business strategy and growth plans.
Riverlake has built a solid track record of working with small traditional economy manufacturing and business services companies.
The firm makes controlled investments in companies with proven management teams and high growth potential through a variety of leveraged buyouts, consolidation, recapitalisation and growth financing transactions.
Genevac marks the eighth Riverlake leveraged control ownership investment, and the third acquisition in as many weeks.
Riverlake Partners, was founded in 2003 as a private equity sponsor focused on traditional economy manufacturing and business services companies in the lower middle-market throughout the United States.
The Riverlake strategy is to make leveraged control growth investments in smaller companies with definable and changeable growth characteristics, proven products and services, and a capable management team.
Riverlake specialises in partnering with existing management teams to develop and execute their long-term growth strategy and consistently providing solid returns for all stakeholders.
Riverlake Partners in March 2005, acquired SP Industries, headquartered in Warminster, USA.
SP is a manufacturer of specialty glassware and equipment serving the pharmaceutical, biotechnology, educational, industrial, and OEM markets.
The company employs over 500 people, principally in New York, New Jersey and Pennsylvania.
Products are sold under well-known, market leading brand names such as VirTis, FTS, Hull, HotPack and Wilmad Lab Glass.
Many of these brands have been active for 50 years or more.
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