Harbour Group has sold SP Industries to ATS Automation Tooling Systems (TSX:ATA)

SP Industries

Founded in 1982 and based in Warminster, Pennsylvania, SP is a designer and manufacturer of high-grade biopharmaceutical processing equipment, life sciences equipment and lab apparatus products. The company offers a broad portfolio of research and commercial lyophilizers; aseptic fill-finish equipment and systems; life sciences equipment; and attractive, meaningful recurring revenues through its labware and glassware business. SP derives approximately 73% of its sales from biopharmaceutical processing equipment and life sciences equipment, including services, and approximately 27% from specialty lab and glassware products. SP employs roughly 700 employees globally, spread across its nine manufacturing facilities and locations in the U.S., U.K. and Spain.

The Deal

ATS acquired SP to expand its capabilities and offerings through the addition of an aseptic and non-aseptic lyophilization portfolio. The acquisition also enhances ATS’s position in the pharmaceutical drug development and production end markets with the addition of SP’s fill-finish solutions. Lincoln acted as the exclusive financial advisor for SP, working closely with its shareholders and management throughout the sale process.

Our Perspective

Tony Crisman, Managing Director in Lincoln’s Healthcare Group, commented, “It was exciting to watch SP’s evolution during Harbour Group’s investment period. Their partnership with SP’s management team enabled aggressive execution on a thoughtful strategic vision that put the company in a leadership position in the bioprocessing equipment solutions market. We were thrilled to be a part of it.” SP was an attractive platform within biopharmaceutical and life sciences with a comprehensive product portfolio, ranging from end-to-end bioprocessing equipment solutions to lab consumables. Lincoln’s deep understanding of the business strategy, end market trends and growth opportunities were critical to optimally positioning the opportunity to attract strong interest. The pharmaceutical drug development and production end market continues to be an attractive high-growth sector. This transaction highlights Lincoln’s expertise within research products, bringing to bear our experience across the pharmaceutical drug development life cycle, driving a successful outcome for both SP and ATS.

Harbour Group Indsutries SP Industries ATS Automation Tooling Systems 2021
  • 2021
    Close Year
  • Healthcare
    Industry
  • Private Equity
    Client Type
  • Strategic | Cross-border
    Transaction Type
  • USA | Singapore
    Countries

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