Aug. 18--Private equity firm GTCR has completed its purchase of a Vernon Hills-based laboratory equipment maker for $480 million in cash.
Cole-Parmer Instrument Co. was sold by Massachusetts-based Thermo Fisher Scientific Inc. to GTCR, the former firm of Illinois gubernatorial candidate Bruce Rauner.
Founded in 1955, Cole-Parmer had 2013 revenues of $230 million, publicly traded Thermo said Monday. The deal was first announced last month.
Cole-Parmer makes and distributes laboratory equipment and supplies, including fluid-handling and test and measurement products, to drug, biotech, healthcare, chemical, food and other industries.
GTCR, as is its custom, said it has partnered with Bernd Brust to buy the business from Thermo. It said it plans to "position the business for further growth," including through acquisitions. Brust's background includes being chief commercial operations officer of Life Technologies Corp., which was acquired by Thermo Fisher.
GTCR's investment in Cole-Parmer was funded from GTCR's 11th fund, which was raised earlier this year with $3.85 billion. Rauner isn't listed as a partner in any of that fund's documents filed on the Securities and Exchange Commission's Web site. Nor does a list of his economic interests filed with the state of Illinois list him as an investor in GTCR's 11th fund.
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