Private Equity
New Mountain grows life science influence with $2.45B PerkinElmer deal
August 1, 2022
New Mountain Capital has agreed to acquire multiple business divisions of PerkinElmer, a life sciences and pharmaceutical company, for $2.45 billion, marking one of the largest PE deals within the sector in recent years.
Under the agreement, New Mountain will take over PerkinElmer's analytical instrumentation, food safety and enterprise services businesses, which include a laboratory, field services and a portfolio of entities that serve those industries.
When completed, the deal will be the largest transaction within the diagnostic-equipment vertical since 2020 and the sixth largest within the broader life sciences vertical, according to PitchBook data.
The deal, announced Tuesday, is New Mountain's first investment in the sector since January, when the firm acquired a majority stake in Covaris, a manufacturer of advanced tools enabling life science innovations.
In July 2021, New Mountain acquired Flexan, a medical device contract design and manufacturing company, through one of the private equity firm’s portfolio companies.
The largest recent deal in the umbrella life sciences vertical came in 2020, when Blackstone, The Carlyle Group and Hellman & Friedman acquired Medline, a manufacturer and distributor of healthcare supplies, for $30 billion.
Under the agreement, New Mountain will take over PerkinElmer's analytical instrumentation, food safety and enterprise services businesses, which include a laboratory, field services and a portfolio of entities that serve those industries.
When completed, the deal will be the largest transaction within the diagnostic-equipment vertical since 2020 and the sixth largest within the broader life sciences vertical, according to PitchBook data.
The deal, announced Tuesday, is New Mountain's first investment in the sector since January, when the firm acquired a majority stake in Covaris, a manufacturer of advanced tools enabling life science innovations.
In July 2021, New Mountain acquired Flexan, a medical device contract design and manufacturing company, through one of the private equity firm’s portfolio companies.
The largest recent deal in the umbrella life sciences vertical came in 2020, when Blackstone, The Carlyle Group and Hellman & Friedman acquired Medline, a manufacturer and distributor of healthcare supplies, for $30 billion.
Featured image by Singleline/ShutterstockRelated read: TPG to boost healthcare portfolio with $1.1B Convey take-private
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