GENEWIZ
Founded in 1999 as a modest two-person start-up operating from a 200-square-foot, sub-leased lab, GENEWIZ grew into a leading global player in the genomics services industry. Launched at the tail end of the Human Genome Project, GENEWIZ capitalized on the growing excitement around genomic research, meeting the rising demand for DNA sequencing services.
The company initially focused on gene sequencing but expanded its offerings over the next 17 years, adding gene synthesis and molecular biology services under the leadership of co-founders Dr. Amy Liao (CEO) and Dr. Steve Sun (Executive Chairman). GENEWIZ also strategically extended its footprint from its headquarters in New Jersey, opening seven laboratories across major U.S. life science hubs.
By 2015, GENEWIZ had organically evolved into a global business with a strong operational presence in the U.S., Japan, and China, boasting annual revenues close to $60 million. It was then that Ampersand Capital Partners first approached Liao and Sun, offering a minority capital investment to help accelerate the company’s growth. At the time, the co-founders, who still controlled over 90% of the company, saw an opportunity not just for financial backing but for strategic guidance. Ampersand also facilitated a key acquisition that established GENEWIZ’s initial presence in Europe.
GENEWIZ’s scientist-led management team was impressed by Ampersand’s deep expertise in the life sciences sector. Recognizing the value of partnering with a professional investment group, they saw Ampersand as the ideal collaborator to fill knowledge gaps, guide strategic expansion, and propel the company toward its next phase of growth.
“Ampersand is truly a unique investor. Their playbook is different than a lot of other investors. They really focus on trying to understand the growth strategies of the portfolio company and they help identify a strategic growth opportunity, bringing with them a network of expertise.” –Amy Liao
Keys to Success
Prior to joining Ampersand’s portfolio, GENEWIZ had limited experience working with investors, and its scientist founders were unfamiliar with the complexities of acquisitions. Ampersand not only provided financial resources but also leveraged its extensive industry network to guide GENEWIZ through the acquisition process.
Even before Ampersand officially became an investor in early 2016, the firm played a pivotal role in sourcing an acquisition that accelerated GENEWIZ’s expansion into Europe. This strategic move added a new laboratory in the UK and infused the company with highly experienced talent – all before GENEWIZ had formally partnered with Ampersand.
Once GENEWIZ became part of Ampersand’s portfolio, the investment team continued to provide value beyond capital. Serving as a strategic advisor and board observer, Ampersand helped GENEWIZ strengthen its executive leadership, including sourcing a new CFO. Throughout this partnership, co-founders Amy Liao and Steve Sun experienced firsthand why Ampersand is known as a founder-friendly firm, one that supports entrepreneurs through both strategic and operational growth.
“Founder-friendly means listening to the founders, respecting the founders’ goals and strategies and adding value to the founders’ team. Ampersand provided guidance and solutions for areas in which we had no expertise.” –Amy Liao
Ampersand became an investor in GENEWIZ at the start of 2016. Just two and a half years later, in 2018, Azenta (previously known as Brooks Automation) made an offer to acquire the company.
During GENEWIZ’s time as an Ampersand portfolio company, Ampersand played a crucial role in supporting its rapid global expansion, helping the company establish operations in five countries across three continents. They also assisted in broadening GENEWIZ’s service offerings. By the time of the acquisition, GENEWIZ had built a vast customer base, serving all the top pharmaceutical companies and 33 Nobel Laureates.
Liao and Sun leaned heavily on Ampersand’s expertise during the Azenta acquisition. Ampersand provided clear, candid advice on the options available: remaining private, becoming part of a public company, or pursuing an IPO. Liao and Sun chose the path of acquisition by Azenta, and Ampersand guided them through the negotiation process, ensuring favorable terms and a smooth transition.
“Ampersand was very supportive during that process. They assured us that if GENEWIZ wanted to continue to grow independently, they would provide the support. And if the exit terms were right, they would be happy with the exit as well. Ampersand provided all the needed professional guidance. They helped us strategize. They helped us negotiate an exit that worked for our shareholders, investors, and employees.” –Amy Liao
Following GENEWIZ’s acquisition, the company’s founders continued their relationship with Ampersand by transitioning into investors themselves. Leveraging their experience in building fast-growing global operations, they co-invested with Ampersand in several ventures, contributing valuable insights to help drive further growth.
“To me, this is another example of the value that Ampersand can bring to their portfolio companies. They’ve built a network of professionals who have been there, done that, and all that experience can be helpful to their portfolio companies.” –Amy Liao
Disclosure: The case study and results included are for illustration purposes only and may not be typical. The case study should not be considered specific investment advice, do not take into consideration a specific situation, and are not intended to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Case study testimonials were provided by clients between May 2024 – July 2024. The client was not compensated, nor are their material conflicts of interest that would affect the given testimony. The testimony may not be representative of the experience of other current clients and does not provide a guarantee of future performance success or similar services.
The statements provided herein are made by certain founders or executives of Ampersand’s past and/or current portfolio companies. Certain statements made herein are deemed “endorsements” and indicate approval, support, or a recommendation of Ampersand, or describe the individual’s experience with Ampersand. The individual has not been directly compensated for making these statements. However, a portfolio company in which the individual held a significant equity interest may have received financial investment from Ampersand through one or more funds managed by Ampersand. As such, the individual may have an indirect financial interest in the success of Ampersand’s activities or in presenting Ampersand in a favorable light. Additionally, the individual may be an Operating Partner or Executive Advisor with Ampersand. As an Operating Partner or Executive Advisor, the individual performs certain services for Ampersand and may be compensated for providing these services. These potential conflicts of interest should be considered by prospective investors when evaluating the individual’s endorsement.
The individual’s statements reflect past, subjective experiences and are not indicative of future performance or success. Any endorsement made by the individual does not guarantee that future clients or portfolio companies will have similar experiences or achieve similar outcomes. Investment outcomes are subject to numerous risks and uncertainties, and there can be no assurance that any investment will achieve its objectives or that investors will not experience losses. This case study should not be considered specific investment advice, does not take into account any specific situation, and is not intended to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed.