Genevac is a global manufacturer of high performance solvent evaporation systems for drug discovery, molecular biology and life science research markets. Financial details are not disclosed. MVC Capital participated in the financing, in conjunction with Riverlake.
Riverlake will merge Genevac into its platform investment, SP Industries, Inc. (SP) to create a dynamic global equipment company. Other SP brands include HotPack, VirTis and FTS, which was acquired in October 2006. Together, SP develops, manufactures and markets a broad line of durable laboratory equipment sold worldwide.
This acquisition will play a critical role in SP's future growth and expansion. Charles L. Grant, a Riverlake partner and chief executive officer of SP, will lead Genevac's operations during the consolidation process and beyond.
"As the industry consolidates, we will continue to seek strategic acquisitions that will enable SP to expand its worldwide operating platform, streamline its operations, and more effectively compete in the global marketplace," said Grant.
"By integrating our lines of complementary laboratory equipment products, we can provide our international customer base with a more robust product offering."
Two of Genevac's major product lines include the Genevac EZ2 and HT Series Evaporators and the miVac Concentrators. The evaporators are designed for drug discovery and research and are typically sold to pharmaceutical and biotechnology companies. The miVac concentrator is focused on the life sciences research market, principally for concentrating biologicals.
"Through its SP platform investment, Riverlake has an unparalleled understanding of our industry and its various marketing channels," said Jim Roche, general manager, Genevac. "Their unique approach to managing portfolio companies makes Riverlake a valued business partner in this transaction, especially as Genevac positions itself for the next stage of growth."
SP's wealth of industry knowledge and management expertise will provide Genevac with strategic, operational and financial support and enable the company to grow and meet the increasing demands of its loyal client base. In conjunction with the existing management team, Mr. Grant will help oversee the development and execution of the company's business strategy and growth plans.