KKR closes acquisition of testing equipment provider Industrial Physics

• Lyon succeeds Jim Neville, who has led Industrial Physics since 2016
• Most recently, Lyon was the president of microbiology for Beckman Coulter
• KKR plans to support Industrial Physics in implementing a broad-based employee ownership program

KKR has completed its previously announced buyout of Industrial Physics, a Boston-based provider of test and measurement instrumentation. No financial terms were disclosed.

In conjunction with the closing of the transaction, Industrial Physics has named Barry Lyon as CEO and Lance Reisman has assumed the role of chairman of the board.

Lyon succeeds Jim Neville, who has led Industrial Physics since 2016.

Most recently, Lyon was the president of microbiology for Beckman Coulter.

“I am thrilled to join the board of Industrial Physics and look forward to working with Barry and this talented team to achieve a new phase of growth and innovation,” said Reisman in a statement. “Barry is a dynamic and passionate business leader with a strong track record. His leadership and business acumen, combined with Industrial Physics’ leading portfolio of products, services and technical capabilities, will help the company realize its full potential as a leading specialized testing and measurement partner across a wide range of industries and geographies.”

KKR plans to support Industrial Physics in implementing a broad-based employee ownership program, which will give employees the opportunity to participate in the benefits of ownership of the company. Since 2011, KKR has awarded billions of dollars of total equity value to over 60,000 non-management employees across over 30 companies.