WELLESLEY Mass., PALMER Mass., Dec. 20, 2021 /PRNewswire/ -- Ampersand Capital Partners announced today that it has completed the sale of its portfolio company Adaptas Solutions to IMI plc for $271 million in cash. Adaptas is a leading provider of mission-critical components for complex laboratory instruments in the life sciences, diagnostics and lab automation markets.
Ampersand invested in Detector Technologies in 2018 and partnered with CEO Jay Ray to build the company (renamed Adaptas Solutions) into a global leader through both acquisitions and internal investments. Together the team acquired Scientific Instrument Services, ETP Ion Detect, Yuanshang Technology, Applied Kilovolts, Ceramax and Cadence Fluidics. Today Adaptas is the market leading provider of mass spectrometry subsystems and components, such as electron multipliers, filaments, power supplies and ion optic grids. In addition, Adaptas manufactures custom fluidic modules and lab automation products including motion control components, syringe pumps and rotary shear valves. The company, with over 340 employees, is based in Palmer, Massachusetts, USA and also has facilities in Pennsylvania USA, West Sussex in the United Kingdom, New South Wales in Australia and Qidong in China. Adaptas projects over $80 million of revenues for 2021.
"Ampersand has been a valued strategic partner and provided the resources to build our organization to support rapid growth and acquisitions. Their knowledge of our industry and network have helped Adaptas refine and execute its growth strategy," said Jay Ray. "IMI will allow Adaptas to expand the breadth of our product offerings as we continue to develop innovative products and services for our customers."
Geoff Teillon, Partner of Ampersand Capital Partners, added, "Adaptas has grown to become the 'Intel Inside®' for mass spectrometry OEMs. IMI's product portfolio will allow the team to further accelerate Adaptas' market penetration and execute on its robust pipeline of new business opportunities, especially in lab automation and liquid handling."
Baird served as exclusive financial advisor to Adaptas, McDermott Will & Emery served as Adaptas' legal counsel and PwC served as Adaptas' financial and tax diligence advisor.