Leading Producer of Specialized Lab Furniture Adds to OpenGate’s Portfolio of Niche Manufacturing Businesses
LOS ANGELES, CA – October 24, 2012 – OpenGate Capital, LLC, a private investment and acquisition firm, announced today it has acquired the Laboratory (“Lab”) Workstations business from Thermo Fisher Scientific Inc., (NYSE: TMO). Lab Workstations is a leading designer, manufacturer and installer of laboratory furniture, fume hoods and epoxy resin tops. No financial terms were disclosed.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “We are extremely pleased to have worked with Thermo Fisher on this divestiture. We view the Lab Workstations business as an extraordinary opportunity for our team to apply our operational know-how and maximize the efficiencies of the business. I am confident that great value will be created as this acquisition sits perfectly in our wheel house of expertise; from transitioning and operating a niche manufacturing business, to satisfying existing and new customer orders, and integrating approximately 1,800 employees into our family of companies. We are committed to investing significant human and financial capital and look forward to building upon the inherent successes of the business.”
Lab Workstations generates $175 million annually in revenue and its products include wood, metal and adaptable systems laboratory furniture, fume hoods and Epoxyn tops marketed and sold under three established brand names; Hamilton, Advanced Laboratory Concepts (ALC) and Collegedale. The business has a highly diversified, North American customer base in the academic, government, research, pharmaceutical and biotechnology markets. In addition to facilities in Wisconsin, Texas, Arkansas, and Mexico, Lab Workstations has established domestic and international dealer networks, and dedicated sales personnel in China, India and the Middle East. The business specializes in working closely with architects, lab planners, building owners and contractors to design, manufacture and integrate laboratory workstations and fume hoods to enhance productivity and safety in the lab and to ensure compliance to lab certifications. Supported by a sophisticated project management process, installation system and fully robust IT process, customer relationships of Lab Workstations are solid, stretching back 100 years, leading to repeat sales and increased brand awareness.
Leading the transaction for OpenGate Capital were Michael Kraus, the firm’s Senior Principal and head of North American mergers and acquisitions, and Mr. Sebastien Kiekert Le Moult, Special Advisor to OpenGate Capital. Mr. Kraus stated, “The Lab Workstations business has significant operational value when we consider the 100 year heritage of the business, the industry leading position it has in a highly specialized market, and the robust manufacturing capabilities that exists today. We’re confident that working with the management team at Lab Workstations, we can create even greater value through growth, operational enhancements, and a continued emphasis on enhancing customer service and value.” Commenting further on the transaction, Mr. Kiekert Le Moult said, “Lab Workstations is already fully staffed and operates as a stand-alone business unit that will run independently. This is a great advantage as it enables OpenGate Capital to immediately focus on strategies to grow, expand and optimize the business.”
About OpenGate Capital
OpenGate Capital is a global private investment firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France and São Paulo, Brazil. OpenGate’s seasoned professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 30 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $3 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com
For more information, please contact:
OpenGate Media Contacts
Telephone: +1 (310) 432-7000
Sitrick & Company
Telephone: (310) 788-2850
OpenGate Business Development Contact
Telephone: +1 (310) 432-7000