Anacacia Capital Completes Lomb Scientific Exit to Thermo Fisher Scientific

Australian mid-market LBO shop Anacacia Capital exited Lomb Scientific, selling it to Thermo Fisher Scientific Inc. for an undisclosed sum. A source familiar with the transaction said the PE firm bagged an 80% IRR on its investment following a three-year hold. For Thermo Fisher, the transaction represents a continued trend throughout 2010 of buying private backers’ assets. In May, it bought Fermentas International from investors including Summit Partners and in March the company completed a deal to buy Ahura Scientific, which raised funds from investors including ARCH Venture Partners and Fuse Capital.

PRESS RELEASE:

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, has completed its previously announced acquisition of Lomb Scientific, a well-known provider of laboratory chemicals, consumables and instruments in Australia and New Zealand.

Lomb Scientific has approximately 100 employees at its offices and warehouses in both countries, particularly in Sydney, Perth and Auckland. The company had full-year revenues of approximately AUD $34 million in 2009. Lomb Scientific will be integrated into both of Thermo Fisher Scientific’s business segments: Analytical Technologies and Laboratory Products and Services.

Thermo Fisher Scientific Inc. (“Thermo Fisher”) has signed an agreement to acquire Lomb Scientific (Aust) Pty Limited (“Lomb Scientific”), a leading provider of chemicals, consumables and instrumentation to science and healthcare markets in Australia and New Zealand.

Trading continues as usual and Lomb Scientific is committed to providing its customers with continued terrific service. Through a combination with Thermo Fisher, Lomb Scientific believes that its customers will have access to an even greater range of products at competitive prices and service.

“Our staff, customers and suppliers have worked together to position Lomb Scientific for this next exciting stage of growth in customer satisfaction. Meanwhile we look forward to offering our customers some outstanding opportunities in the lead up to and post the transaction. I encourage our customers to talk with our staff about how we can best assist their organisation” said Barry Johnson, Managing Director from Lomb Scientific.

“Anacacia Capital has enjoyed working with Lomb Scientific’s team to strengthen the business to be a leader in the science field. The transaction represents an outstanding opportunity” said Jeremy Samuel, Managing Director from Anacacia Capital who led the Lomb Scientific investment.

“Thermo Fisher represents a logical next step for the evolution of our business. The Parsons family have been wonderful stewards of the business and Anacacia Capital’s involvement in the last 3 years has added tremendous value to the business including strengthening the board and senior management” said Lomb Scientific’s non-executive chairman Gerard Bulters.

Completion of the transaction is subject to applicable regulatory approvals and customary closing conditions.

About Lomb Scientific
Lomb Scientific (www.lomb.com.au) is a major supplier of laboratory consumables, chemicals and instrumentation to the scientific community with headquarters in Australia. Its purpose is to support the advance of science. Its key brands include Ajax, Fronine and Scot Scientific.

About Anacacia Capital
Anacacia Capital Pty Ltd (www.anacacia.com.au) manages Australia’s leading private equity firm that specialises in small-medium enterprises. Anacacia provide strategic insight and capital to outstanding management teams to help these businesses to grow. Anacacia was the largest investor in Lomb Scientific prior to the transaction following a management buyout in 2008 with the founding Parsons family and management. Jeremy Samuel (Anacacia’s founder and Managing Director) and David Allman (from Anacacia’s Business Advisory Council) served on the Lomb Scientific board.

About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science. Our mission is to enable our customers to make the world healthier, cleaner and safer. With revenues of more than $10 billion, we have approximately 35,000 employees and serve customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as in environmental and process control industries. We create value for our key stakeholders through two premier brands, Thermo Scientific and Fisher Scientific, which offer a unique combination of continuous technology development and the most convenient purchasing options. Our products and services help accelerate the pace of scientific discovery, and solve analytical challenges ranging from complex research to routine testing to field applications. Visit www.thermofisher.com.