New Mountain announces intent to buy PerkinElmer segment for $2.45bn

The deal is expected to close in the first quarter of 2023.

  • PerkinElmer’s applied, food and enterprise services businesses are a carve-out from the discovery & analytical solutions segment of PerkinElmer
  • Jefferies was financial advisor to New Mountain Capital while Goldman Sachs was financial advisor to PerkinElmer
  • New Mountain Capital has over $37 billion in assets under management

New Mountain Capital has announced its intention to acquire PerkinElmer’s applied, food and enterprise services businesses for up to $2.45 billion.

PerkinElmer’s applied, food and enterprise services businesses are a carve-out from the discovery & analytical solutions segment of PerkinElmer.

The business being acquired includes PerkinElmer’s leading OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy, and chromatography instruments, consumables and reagents that serve the biopharma, food, environmental & safety and applied end markets. The deal is expected to close in the first quarter of 2023.

On the transaction, Andre Moura, managing director at New Mountain Capital, said in a statement: “PerkinElmer has a long history of market-leading innovation, and we are excited to partner with this dedicated team to support the next phase of growth. The business we are acquiring provides mission-critical solutions that enable scientists and researchers to perform their important work, including developing and manufacturing biopharmaceuticals, ensuring a cleaner and safer environment and food supply, and helping to provide high-quality products to demanding customers. New Mountain intends to continue to invest behind the business as we pursue a dynamic growth strategy.”

New Mountain Capital was advised by Jefferies as financial advisor and Simpson Thacher & Bartlett as lead legal counsel. Owl Rock Capital, a division of Blue Owl, served as administrative agent and joint lead arranger for the credit facilities. Goldman Sachs was financial advisor to PerkinElmer, with WilmerHale, McDermott Will & Emery, and Hogan Lovells serving as legal counsel to the Company.

New Mountain Capital has over $37 billion in assets under management.

PerkinElmer is a provider of end-to-end solutions that help scientists, researchers and clinicians better diagnose disease, discover new and more personalized drugs, monitor the safety and quality of our food, and drive environmental and applied analysis excellence.