Genevac acquired by Riverlake Partners
US-based private equity firm Riverlake Partners has acquired Genevac, a UK manufacturer of solvent evaporation systems for drug discovery, molecular biology and life science research markets, from Thermo Fisher Scientific.
US-based private equity firm Riverlake Partners has acquired Genevac, a UK manufacturer of solvent evaporation systems for drug discovery, molecular biology and life science research markets, from Thermo Fisher Scientific.
Riverlake will merge Genevac into its platform investment, SP Industries (SP), to create a dynamic global equipment company. Other SP brands include HotPack, VirTis and FTS, acquired in October 2006. Together, SP develops, manufactures and markets a broad range of durable laboratory equipment sold worldwide.__
Charles L. Grant, a Riverlake partner and ceo of SP, will lead Genevac's operations during the consolidation process and beyond.
'Through its SP platform investment, Riverlake has an unparalleled understanding of our industry and its various marketing channels,' said Jim Roche, general manager, Genevac. 'Their unique approach to managing portfolio companies makes Riverlake a valued business partner in this transaction, especially as Genevac positions itself for the next stage of growth.'
In conjunction with the existing management team, Grant will help oversee the development and execution of the company's business strategy and growth plans.