L Squared buys Globe Scientific

L Squared Capital Partners has acquired Globe Scientific, a provider of laboratory consumable supplies. No financial terms were disclosed.

PRESS RELEASE

Newport Beach, CA – L Squared Capital Partners announced today the acquisition of Globe Scientific, a leading provider of laboratory consumable supplies. Globe Scientific is L Squared’s third acquisition as part of GSI Group Holdings. GSI Group is a collection of leading brands serving the biotech, clinical diagnostics, life sciences, education, and industrial sectors. With more than $100 million in revenue, GSI Group’s brands collectively offer a broad array of mission-critical lab-related consumable supplies, benchtop equipment, and related accessories. GSI Group has an unmatched geographic footprint with distribution locations on both the east and west coasts of the US as well as offices in Holland, Spain, and China that support customers in over 100 countries. Thousands of the world’s leading research, laboratory, clinical, academic, and industrial institutions rely on GSI Group products every day. Globe Scientific joins existing GSI Group leading brands AmScope, Euromex, Omax, and Physix.

Founded in 1983 by the Diamond Family, Globe Scientific is well known and highly respected throughout the industry for its innovative, high-quality products and exceptional, award-winning customer service. “My family and I are excited to partner with L Squared to become part of the GSI Group platform,” said Dara Diamond, President and CEO. “For the past 38 years, we have been passionate about providing a family-oriented culture for our employees while delivering five-star service and value to our customers and supply-chain partners. We are thrilled to join a platform of companies that share the same passion, vision, and corporate culture mindset.” The Diamond Family will continue as material shareholders in GSI Group. Dara Diamond and Lisa Diamond Berger will join the GSI Group board as part of the transaction.

“Globe Scientific is an excellent addition to our consolidation thesis. We remain bullish on the long-term growth trajectory of scientific research and proud to be building a platform that supplies key products to the life sciences, clinical diagnostic, and academic research sectors,” said Randall Hunt, Partner at L Squared. “We are committed to supporting GSI Group’s growth both organically as well as via acquisitions of additional leading brands in the marketplace.”

GSI Group aims to further consolidate the highly fragmented lab consumables sector. GSI Group is well-capitalized and looking to accelerate its growth by broadening its product portfolio, distribution footprint, and breadth of end markets served through the completion of highly complementary add-on acquisitions. Specifically, GSI Group is aggressively pursuing acquisitions that provide chemicals and reagents, general and life science consumables, kits used in molecular biology applications, lab glassware, analytical instruments, and benchtop lab equipment to its target customer base. Furthermore, GSI Group is seeking to expand its presence in high growth end markets such as biopharma, molecular diagnostics, and food safety testing.