GTCR-backed Antylia divests Masterflex unit to Avantor for $2.9bn

The divestiture comes just two years after GTCR bought back Antylia -- formerly known as Cole-Parmer -- in partnership with CEO Bernd Brust.

Antylia, a portfolio company of GTCR, has agreed to sell its Masterflex business unit to Avantor for $2.9 billion in all cash. The Masterflex arm is used by pharma and biotech customers for research and production of biologic drugs, vaccines and cell & gene therapies. JP Morgan Securities and Perella Weinberg Partners is providing financial advice to Antylia on the transaction. Jefferies is acting as lead financial adviser to Avantor.

PRESS RELEASE

CHICAGO, Sept. 7, 2021 — GTCR, a leading private equity firm, announced today that its Antylia Scientific portfolio company (“Antylia” or the “Company”) has reached a definitive agreement to sell its Masterflex business unit to Avantor for $2.9 billion in an all-cash transaction.

In executing its Leaders Strategy™, GTCR acquired Antylia in partnership with CEO Bernd Brust in 2019. Since then, the Company has made significant investments in its products and commercial infrastructure and completed two strategic add-on acquisitions in its Life Sciences business unit to grow its product portfolio, scale and geographic footprint. The Company, rebranded as Antylia Scientific in 2021 to reflect its evolution into a diversified life sciences tools company, is organized into two distinct business units: Masterflex and Life Sciences.

Masterflex is a market leader in peristaltic and single-use bioprocessing solutions including its Masterflex and Ismatec range of peristaltic pumps, tubing, flow meters and single-use components and assemblies. The Masterflex product portfolio is used by pharma and biotech customers for research and production of biologic drugs, vaccines and cell & gene therapies.

Following the sale of the Masterflex business unit, GTCR and other shareholders will continue to own Antylia and its remaining assets, which include its portfolio of life sciences products. Mr. Brust and the Antylia senior management team will continue to lead the Company.

Antylia Chairman and CEO, Bernd Brust, said, “As a part of Antylia Scientific, the Masterflex Bioprocessing business has achieved exceptional results through significant product, capability and customer expansion. In its next stage of growth, Masterflex will be tremendously complemented by Avantor’s existing capabilities.”

Dean Mihas, Managing Director and Co-CEO of GTCR, added: “Bernd and the Antylia team have done an excellent job transforming Masterflex into a high-growth bioprocessing asset, supporting the development and production of biologic drugs and vaccines. We look forward to the future of Masterflex within Avantor and our next chapter of continuing to build Antylia Scientific.”

Sean Cunningham, a Managing Director of GTCR, added: “This represents another excellent example of our Leaders Strategy™ approach. Our partnership with Bernd and team enabled us to grow Antylia, including investing in the Masterflex commercial organization and bioprocessing products as well as the remaining life sciences portfolio. We are excited to support the continued growth of the organization going forward.”

The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals and satisfaction of customary closing conditions. J.P. Morgan Securities LLC and Perella Weinberg Partners LP served as financial advisors for Antylia Scientific.  Kirkland & Ellis LLP provided legal counsel.

About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Healthcare, Financial Services & Technology, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.

About Antylia Scientific
Antylia Scientific™ is a diversified life science tools business with a portfolio of products serving the pharma, biopharma, healthcare and environmental markets. Our life sciences portfolio includes well-recognized brands such as the environmental sampling and testing innovator, Environmental Express®; real-time monitoring and cold storage expertise at Traceable®; our standards and external diagnostic control specialists, SPEX® and ZeptoMetrix®; and our lab essentials and consumables Cole-Parmer Essentials® brand. For more information, please visit www.antylia.com.