EQT Private Equity to acquire SPT Labtech, a fast growing lab automation player focused on low volume liquid handling technology for £650m from Battery Ventures

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  • EQT Private Equity to Acquire SPT Labtech, a Manufacturer and Designer of Automated Instruments and Consumables for Life Science Research Focused on Liquid Handling, Sample Management and Electron Microscopy Sample Preparation Technologies cryogenic (“Cryo-EM”)
  • SPT Labtech’s products support cutting-edge life science research, delivering agility, efficiency and productivity for a wide range of applications; SPT Labtech products help accelerate the search for new and breakthrough therapies
  • EQT Private Equity will support the next phase of growth for SPT Labtech by focusing on continued product innovation, scaling the Cryo-EM sample preparation segment and expanding the business in new and existing geographies

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire SPT Labtech (“SPT” or the “Company”) from Battery companiesa global technology-focused investment firm for £650 million. Together with management, EQT Private Equity will support and accelerate SPT Labtech’s growth journey.

Based in Melbourne, UK, SPT Labtech is a manufacturer and designer of automated liquid handling, sample preparation and storage instruments, as well as corresponding consumables and support services for life science research. The company was founded in 1997 and grew out of TTP Group. Since 2018, it belongs to Battery companies.

Backed by strong secular megatrends, SPT presents a highly thematic investment opportunity in EQT’s priority Life Science Tools sub-sector. Research automation, miniaturization trends (more analyzes with the same sample volume), and wider adoption of multi-omics will support SPT’s core liquid handling business for years to come. .

Cryo-EM is a state-of-the-art technique supporting the search for new drug targets in new modalities such as cell and gene therapy, as well as mRNA, with the company’s addressable instruments and consumables market expected to grow by 35 to 40 % in the future.

SPT is the leader in resilient and fast-growing market niches, including its core segment, the low-flow liquid handling market, with future market growth forecast at 9-10% CAGR.

SPT helps researchers save time through automation and enables laboratories to research, for example, chronic diseases and provide treatments or find cures for previously incurable conditions. The Company’s core values ​​are closely aligned with the of ONU Sustainable Development Goal (SDG) 3 to ensure healthy lives and promote well-being. By providing sample preparation instruments and consumables for the new Cryo-EM technology – for which the Nobel Prize in Chemistry was awarded in 2017 – SPT supports industry innovation and accelerates research results.

Under the ownership of EQT Private Equity, the company will benefit from EQT’s strong network of advisors and experts as well as the in-house digital team. EQT will further support the company in new product innovation, expansion into existing and new geographies and end markets (e.g., restoring the in vitro diagnostics market, doubling APAC, and accelerating of Cryo-EM) as well as selective mergers and acquisitions to further strengthen SPT’s position in the market.

Michael Bauerpartner and global co-lead of the healthcare team, said, “We are delighted to be working with SPT Labtech and making an acquisition in our priority sub-sector of life science tools. company for a long time and we are delighted to now be able to partner with the CEO David Newble and his team. We believe that the combination of our unique industry expertise, including our external network of EQT advisors and our internal digital team, positions us to support the company in its next phase of growth and reinforce its mission to “make a difference”. in human health in everything we do’.”

David NewbleCEO of SPT Labtech, added, “We at SPT greatly appreciate the management of the Battery team over the past four years and are very pleased to welcome EQT as a new owner and look forward to benefiting from the wide 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 build on SPT Labtech’s strong market positions in our existing businesses and to explore new market opportunities, while having a positive impact on society. aligned with the EQT team on our shared vision for the future of the business and couldn’t imagine a better new owner.”

EQT Private Equity was advised by Evercore (M&A), Kirkland & Ellis (Legal), Deloitte (Finance & Tax), BCG (Commercial), Ringstone (Technology) and The footprint business (ESG). Battery companies and SPT Labtech were advised by JP Morgan (exclusive financial advisor) and Charles Russell Speechlys and SecondSight Law (legal). The transaction is subject to customary conditions and approvals and is expected to close during the third quarter of 2022.

With this transaction, EQT IX is expected to be 85-90% invested (including closed and/or signed investments, announced public offerings, if any, and less any expected syndication).

Contact
EQT Press Office, [email protected], +46 8 506 55 334

About the EQT
EQT is a global, goal-oriented investment organization with 77 billion euros of assets under management in 36 active funds. EQT funds have holding companies in Europe, Asia Pacific and the Americas with total sales of approximately 29 billion euros and more than 280,000 employees. EQT works with its portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, Youtube and instagram

About SPT Labtech
SPT Labtech manufactures products that transform the way scientists work. For nearly two decades, our expert scientists, engineers and business innovators have created innovative solutions for liquid handling, sample preparation and sample management that help accelerate research and make a real difference to human health. We work collaboratively with our customers, building trusted relationships that allow us to deliver exceptional, personalized experiences designed for real-world challenges in the lab.

More information: www.sptlabtech.com

About Battery companies
Battery partners with exceptional founders and management teams who are building category-defining businesses in markets such as software and services, enterprise infrastructure, consumer technology, healthcare IT and industrial technology. Founded in 1983, the firm supports businesses at all stages, from seed and start-up to growth and buyout, and invests globally from offices to Boston, San Francisco, Menlo Park, Tel Aviv, London and New York.

More information: www.battery.com

Follow Battery Ventures on Twitter

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