DAVIDSON, N.C.– March 25, 2024 — (BUSINESS WIRE)– Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to acquire ILC Dover (“ILC”) from New Mountain Capital, LLC, a leading growth-oriented investment firm with approximately $50 billion in assets under management. The deal includes an upfront cash purchase price of approximately $2.325 billion and an earnout tied to the achievement of select operating efficiency metrics in 2024. At its maximum payout, the earnout increases the 17x upfront purchase multiple by less than one turn.

ILC is a world-leader in the design and production of highly innovative solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as a leading supplier for the space industry. ILC has a 75-year heritage of innovation and commitment to expanding its product portfolio of mission-critical applications. ILC serves its global customer base across 11 engineering and production facilities located in North America, Europe, and Asia, with more than 2,000 team members.

In connection with this acquisition, Ingersoll Rand will establish a life sciences platform within its P&ST segment, consisting of ILC plus Ingersoll Rand’s life science-focused brands including Thomas, Welch, Zinsser Analytic, Tricontinent, Air Dimensions, and ILS. Corey Walker, ILC President and CEO, will lead the life sciences platform and join the Ingersoll Rand leadership team, reporting to Vicente Reynal, chairman and chief executive officer. This platform will have approximately $700 million in revenue and will enable Ingersoll Rand to further focus its growth and investment in life sciences, a key strategic area for the company. Current P&ST segment leader Santiago Arias Duval will continue to report to Reynal and lead a second platform within P&ST consisting of the remaining P&ST businesses, which represent approximately $1 billion in revenue.

“This acquisition is the next phase of our long-term vision to expand into higher-growth end markets like life sciences. I am incredibly excited to partner with Corey and the outstanding team at ILC, whom we’ve admired for their innovative products and decades of experience in life sciences, to enhance our presence in key workflows and applications,” said Vicente Reynal, Ingersoll Rand chairman and CEO. “We see many opportunities to leverage ILC’s established market positions and brands, including the ability to attach Ingersoll Rand’s existing liquid handling technologies and positive displacement pumps to ILC’s single-use solutions in key biopharma and pharma production processes. Through ILC, we will get access to approximately 1,000 customers in the broader life science and healthcare sectors, where we can leverage our demand generation capabilities to drive incremental growth in other Ingersoll Rand product lines like compressors. Working together, we will continue to drive sustained growth, lead customer value and innovation, and maximize value creation.”

“I am very proud of our team’s passion for innovation, commitment to world-class quality, and overall dedication to our customers during a period of rapid growth,” said Corey Walker, ILC president and CEO. “I’m excited to combine the Ingersoll Rand and ILC Life Science portfolio of products that allow us to serve our customers from the discovery phase in the laboratory to the commercial production of life saving therapies. ILC Dover’s direct channel access coupled with Ingersoll Rand’s proven growth and efficiency tools will allow us to accelerate our ability to serve customers across their workflows.”

“Since we acquired ILC in early 2020, we have made substantial investments to support and drive growth. ILC significantly increased its manufacturing capabilities and cleanroom capacity while also driving meaningful operational initiatives to better serve its customers,” said Andre Moura, managing director at New Mountain Capital. “We would like to thank Corey Walker and his management team for the successful partnership. Under Corey’s leadership, the business materially expanded its product set, including its portfolio of flexible, single-use solutions for sterile and aseptic manufacturing processes. We see a strong fit between Ingersoll Rand and ILC, and we are confident that Ingersoll Rand is the right partner for its next stage of growth.”

This acquisition is immediately accretive to Ingersoll Rand’s growth and margin rates. ILC’s revenue has grown at a mid-teens CAGR organically over the last three years and is expected to reach almost $400 million in revenue in 2024E, with mid-30s Adjusted EBITDA margins. Through the deployment of Ingersoll Rand Execution Excellence (IRX) and organic growth enablers like Demand Generation Excellence (DGX), Ingersoll Rand expects to achieve a ROIC in the high single digits by year three of its ownership. This acquisition is subject to customary regulatory approvals and is expected to close in Q2 2024.

Advisors

Kirkland & Ellis LLP is serving as legal counsel to Ingersoll Rand. Jefferies LLC and Goldman Sachs & Co. LLC are serving as financial advisors and Simpson Thacher & Bartlett LLP is serving as legal counsel to ILC Dover and New Mountain Capital.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $50 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit https://www.newmountaincapital.com/.

Forward-Looking Statements

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics, geopolitical tensions, cyber events, or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations, including the proposed acquisition of ILC; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations, including from the proposed acquisition of ILC; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies from the proposed acquisition of ILC; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; (11) uncertainties as to if or when the conditions to closing the proposed acquisition of ILC will be satisfied; (12) potential business uncertainty as a result of changes to existing business relationships that could affect Ingersoll Rand’s or ILC’s financial performance and operating results; and (13) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Non-GAAP Financial Measures

Included in this press release are certain non-GAAP financial measures designed to supplement, and not substitute, the financial information provided in accordance with generally accepted accounting principles (“GAAP”) in the United States of America because management believes such measures are useful to investors. Reconciliations of non-GAAP measures related to 2024 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

Ingersoll Rand Investor Relations:
Matthew.Fort@irco.com

Ingersoll Rand Media:
Sara.Hassell@irco.com

New Mountain Capital Media:
Dana Gorman
H/Advisors Abernathy
dana.gorman@h-advisors.global

CellFE secures $22 million in Series A financing to advance microfluidics-based cellular engineering platform

ALAMEDA, Calif., Sept. 27, 2023 /PRNewswire/ — CellFE Inc., www.cellfebiotech.com, a life sciences tools company developing a microfluidics-based cell engineering platform dedicated to transforming the development and manufacturing of advanced cell therapies, today announced the completion of a $22 million Series A financing led by M Ventures, with participation from Great Point Ventures and Riverine Ventures as well as existing investors Cota Capital, Dynamk Capital, Elm Street Ventures, Embark Ventures, EGB Capital, and Khosla Ventures.

The continued clinical and commercial success of advanced biologic therapeutics, such as engineered cell and gene therapies, is driving substantial growth opportunities in this emerging segment of life sciences. Therapy developers are forging partnerships with technology providers, such as CellFE, to advance innovative solutions, with the aim to benefit patients seeking better therapeutic options. CellFE’s innovative, non-viral, microfluidic cell engineering platform, Infinity MTx™ system, performs complex genetic cell editing through streamlined, advanced workflows. The platform ensures gentle cell treatment, rapid cell recovery, and superior yield of healthy cells, enabling unparalleled scalability and significant time and cost efficiencies in development and manufacturing. CellFE empowers therapy developers to accelerate the ongoing evolution of advanced cell therapies across a spectrum of therapeutic areas, unlocking a groundbreaking shift towards true decentralized and point-of-care manufacturing in the cell therapy sector. The launch of the Infinity MTx system at the recent ASGCT 2023 Annual Meeting elicited broad interest from top innovative cell therapy developers globally.

With our clear path to help redefine cell therapy manufacturing, we are excited to have the backing of such esteemed investors who recognize the potential of our technology and the strength of our team

“Our vision of advancing the platform to a decentralized and point of care application will expand access to cell therapies for millions of patients.” “While viral cell engineering methods have been dominating the industry to date, high costs, limited editing capabilities, regulatory hurdles, and safety concerns are driving a shift to non-viral methods. CellFE presents a unique technology platform addressing key industry pain points across viral, but also other non-viral methods,” said Christian Uhrich, Principal at M Ventures. “Offering efficient, flexible, and consistent payload delivery, superior cell health, user-friendly workflows, and process scalability from development to manufacturing, we believe the company offers a compelling value proposition for the increasing number of therapy developers seeking novel solutions. We are delighted to join the company that Alla and the CellFE team have built at this exciting time and to support the company’s future development, growth, and overall vision.”

Transforms into New Life Sciences and Diagnostics Company

WALTHAM, Mass., March 13, 2023 – (BUSINESS WIRE) – PerkinElmer Inc. (NYSE: PKI), today announced that it has successfully completed the previously announced divestiture of its Applied, Food and Enterprise Services businesses to New Mountain Capital, a growth-oriented investment firm.

The resulting new, high-growth Life Sciences and Diagnostics business, focused on developing and delivering novel scientific breakthroughs that will have a profound impact on improving global health, will share the PerkinElmer name with the Applied, Food and Enterprise Services businesses until a new name, brand and ticker symbol is unveiled in Q2 2023 pending shareholder approval.

“Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one,” said Prahlad Singh, president and chief executive officer of the PerkinElmer Life Sciences and Diagnostics company. “As we look ahead, our new Life Sciences and Diagnostics organization has an immense opportunity to continue to lead with science to redefine human health. I’m looking forward to sharing our new name and brand in the near future.”

The Company’s two core business areas, Life Sciences and Diagnostics, are uniquely positioned to help drive scientific innovation impacting human health. Within Life Sciences, the Company is focused on supporting pharmaceutical and academic scientific advancement from the earliest stage of discovery all the way to entering the clinic. In Diagnostics, the Company continuously develops new assays, systems, and complete workflows to help better diagnose disease throughout the continuum of care of human health across all lab settings.

“We would like to thank the entire team at PerkinElmer for all the hard work to get to today’s closing,” added Andre Moura, Managing Director at New Mountain Capital. “We look forward to partnering with the new PerkinElmer business New Mountain acquired to drive continued growth and innovation for the benefit of all stakeholders including the company’s customers, employees and other business partners.”

Factors Affecting Future Performance

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “estimates”, “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and divestitures, license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) our ability to obtain future financing; (21) restrictions in our credit agreements; (22) discontinuation or replacement of LIBOR; (23) significant fluctuations in our stock price; (24) reduction or elimination of dividends on our common stock; and (25) other factors which we describe under the caption “Risk Factors” in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

About The PerkinElmer Life Sciences and Diagnostics Company

The PerkinElmer Life Sciences and Diagnostics company – which is to be renamed during the second quarter of 2023 – provides end-to-end solutions that help scientists, researchers and clinicians better diagnose disease and discover new and more personalized drugs. Its dedicated team of 11,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. The Company is also deeply committed to good corporate citizenship through dynamic ESG and sustainability programs. The Company reported revenues of approximately $3.3 billion in 2022, serves customers in 190 countries, and is a component of the S&P 500 index.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, and net lease real estate funds with over $37 billion in assets under management. New Mountain seeks out what it believes to be the highest quality leaders in carefully selected “defensive growth” industry sectors and works intensively with management to build the value of these companies. Additional information about New Mountain Capital is available at https://www.newmountaincapital.com/.

Contacts

Investor Relations:
Steve Willoughby
(781) 663-5677
steve.willoughby@perkinelmer.com

Media Relations:
Chet Murray
(781) 663-5719
chet.murray@perkinelmer.com

–Fund enhances firm’s capacity to invest in life sciences innovation and is the largest first-time fund of its kind

CAMBRIDGE, Mass.– Blackstone (NYSE: BX) today announced the close of Blackstone Life Sciences Yield (“BXLS Yield”), its inaugural royalty and structured credit-focused life sciences fund. The fund was oversubscribed and is the largest first-time fund of this nature. It closed with $1.6 billion of investor capital focused on post-approval, commercial-stage opportunities. It complements the flagship strategy of BXLS, which invests in late-stage product development. Together, the two pools of capital enable BXLS to support end-to-end life science innovation at scale and showcase Blackstone’s deep conviction in this sector.

Nicholas Galakatos, Ph.D., Global Head of Blackstone Life Sciences, said: “Blackstone Life Sciences aims to invest across the full lifecycle of innovative medicines and medical technologies. BXLS Yield comes at a critical time for many companies in need of structured credit and royalty opportunities as they seek to grow their business in challenging market conditions. We anticipate these two pools of capital will allow us to offer strategic financing solutions to our partners as we did through our $2 billion collaboration with Alnylam in April 2020.”

Craig Shepherd, Senior Managing Director with Blackstone Life Sciences, added: “The diversity of capital, resources and scientific expertise that Blackstone can offer is a clear differentiator. We are excited to continue partnering with leading life sciences companies around the world and to help grow their businesses.”

BXLS Yield further scales and diversifies Blackstone’s life sciences investing capabilities. The firm launched Blackstone Life Sciences nearly four years ago in response to the unprecedented innovation unleashed in the space by emergent technologies and scientific advancement. Since then, it has transformed into an industry-leading investment platform, meeting global demand for different forms of capital and scientific expertise. Through its flagship strategy, the team sources, evaluates and actively supports potentially transformative products and therapies.

About Blackstone Life Sciences
Blackstone Life Sciences is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines and medical technologies that improve patients’ lives. More information is provided at https://www.blackstone.com/our-businesses/life-sciences/.

Contact
Paula Chirhart
+1 347 463 5453
paula.chirhart@blackstone.com

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.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston and Amsterdam, Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.