PerkinElmer has acquired life science firm Covaris, with the merger accelerating Covaris’ growth potential and expanding PerkinElmer’s existing life sciences portfolio into the high-growth diagnostics end market. Both companies are majority owned by New Mountain Capital, and terms of the transaction were not disclosed.
As precision medicine gathers pace for personalised disease treatment and prevention, Covaris is ideally positioned to help enable and accelerate the next generation of life sciences innovation, especially through its next-generation sequencing (NGS) capability, for efficient, reproducible and high-throughput sample preparation and data analysis. Founded in 1999 and headquartered in Woburn, Massachusetts, Covaris is a global leader in the development and deployment of end-to-end solutions for high-throughput genomic and proteomic analysis, including instruments, consumables, and reagents. Covaris’ solutions empower customers to accelerate the pace of research and drug discovery for clinical diagnostics, biopharma, and research markets globally.
“Covaris has a well-defined growth strategy with market-leading technologies and a very capable leadership team that will allow PerkinElmer to deepen its life sciences portfolio in the diagnostics end market. We see significant growth opportunities resulting from the combined resources of both companies, with PerkinElmer’s global scale unlocking commercial opportunities for Covaris,” said Dirk Bontridder, CEO of PerkinElmer.
“We are excited to begin our new chapter as part of PerkinElmer, an exceptional brand that resonates in our core markets, and will allow us to bring our technology to more customers and expand our growth globally. Our two cultures are very similar and both our customers as well as our employees will benefit from strong R&D resources and complementary solution capabilities,” said Annemarie Watson, CEO of Covaris.
Andre Moura, Managing Director at New Mountain Capital, said, “The combination of PerkinElmer and Covaris will bring significant benefits to the customers, employees, and stakeholders of both companies. Covaris will now have access to PerkinElmer’s global reach, technical and operating capabilities to continue its rapid growth trajectory. Covaris’ strong position in the genomics, transcriptomics, and proteomics space brings an exciting new growth vector to PerkinElmer. We look forward to continuing to work with management to build the combined company.”