PerkinElmer expands presence in food testing
The firm said food testing is a rapidly growing area and the deal will broadens its analytical instruments portfolio for the food and agricultural markets.
Based in Stockholm, Sweden, Perten is a supplier of analytical instruments for quality control of food, grain, flour and feed.
The firm has been under Valedo Partners Fund ownership since 2010 and has doubled in size through successful investments in product development and geographical expansion.
Jon DiVincenzo, president, environmental health at PerkinElmer, said combining Perten’s capabilities with its analytical instruments will let it further penetrate the multi-billion dollar food testing market.
"PerkinElmer will now be firmly positioned to help customers address rigorous regulations for food quality control, import/export product testing, and the need to preserve the integrity of global supply chains."
He added it will also help longer-term opportunities in higher growth regions such as China.
Additional capabilities
By adding Perten's analysis platforms and food quality calibration database, PerkinElmer will build upon its offerings for food safety and quality testing in the development and manufacturing processes.
PerkinElmer's products will include detection capabilities, materials characterization and deterrent tools for chemicals, toxins and nutrients, along with analytics and data management.
Sven Holmlund, CEO, Perten Instruments Group, said since 2010 it has accelerated efforts to develop and launch products and has expanded sales and service organization in existing and new markets.
“Perten has appreciated working with Valedo and now welcome PerkinElmer as our new owner, who we are convinced will be able to contribute significant resources and competence to further develop and grow our business.”
The net purchase price is subject to customary closing conditions and the transaction is anticipated to close in December 2014.
With annual revenues of $65m, Perten is expected to have a minimal impact on PerkinElmer's 2014 non-GAAP earnings per share results.
The company expects the transaction to be $0.04 accretive to its 2015 non-GAAP EPS results, however it will formally communicate its 2015 financial guidance in January.
