24 June 2022 | Friday | News
firefly®, an innovative liquid handling platform for next-generation sequencing library preparation.
SPT Labtech ("SPT" or "The Company") a global leader in the design and development of automated instrumentation and consumables for life science applications, announces its acquisition by EQT IX Fund ("EQT Private Equity"), a purpose-driven, global investment organization, from current owners Battery Ventures. The deal will underpin and accelerate SPT Labtech’s impressive trajectory of market growth and leadership in innovative product development for enabling better science and advancing human health.
Since 1997, SPT Labtech has designed and manufactured innovative solutions for liquid handling, sample preparation and management, transforming the way scientists do laboratory research by enabling greater productivity and efficiency. Headquartered in Melbourn, UK, the Company has been owned by Battery Ventures since its spin-out from TTP Group in 2018.
Under Battery Ventures’ ownership, SPT Labtech has cemented its leading share in the low throughput liquid handling market, and has also strengthened and diversified its portfolio of products, expanded its geographic reach, and continued to create innovative automated solutions for genomics, multi-omics, drug discovery, cryo-EM, and other key life science applications.
The deal with EQT Private Equity will enable SPT Labtech to capitalize on this strong foundation of organic and acquisition-based growth and execute against an ambitious strategic vision for product innovation, geographic expansion, and targeting new end markets to address the evolving needs of the life science community.
David Newble, CEO of SPT Labtech said, "We at SPT greatly appreciate the stewardship of the Battery team over the last four years and we are very keen to welcome EQT as our new owner and look forward to benefiting from the broad range of capabilities and expertise the EQT platform can offer. We are ready to embark on the next phase of our growth journey, in which we aim to foster SPT Labtech’s strong market positions in our existing businesses and explore new market opportunities, while meeting our life science customers’ needs for innovation, and making a positive impact on society. We are aligned with the EQT team on our joint vision for the future of the company and could not imagine a better new owner."
Michael Bauer, Partner, and Global Co-Head of the Healthcare Team at EQT Private Equity, said, "We are excited to work with SPT Labtech and make an acquisition in our prioritized Life Sciences Tools subsector. We have been following the company for a long time and are thrilled to now be able to partner with CEO David Newble and his team. We believe the combination of our unique industry expertise, including our external EQT Advisor Network and in-house digital team, and industrial know-how position us to support the company on its next phase of growth and enhance its mission of 'making a difference in human health in everything we do'."
The transaction is subject to customary conditions and approvals and is expected to close during Q3 2022.