Brookfield and CDPQ Acquire Antylia Scientific For $1.34B
- Antylia is a manufacturer and distributor of consumables and testing equipment serving diagnostics, environmental and life sciences labs
- The acquisition was made by Brookfield’s private equity group
- It marks Brookfield’s latest transaction in the US industrial and manufacturing sector
Brookfield Asset Management and Caisse de dépôt et placement du Québec (CDPQ) have acquired Antylia Scientific, a Vernon Hills, Illinois-based life sciences company, for about $1.34 billion.
The seller was GTCR, which acquired Antylia in 2014.
Antylia is a manufacturer and distributor of consumables and testing equipment serving diagnostics, environmental and life sciences labs. The business makes and sells essential products that support the accuracy and repeatability of processes in labs and benefits from a diverse and long-term customer base which supports its strong cash flow generation.
Anuj Ranjan, CEO, Brookfield’s private equity group, said in a statement: “We’re excited to complete the acquisition of Antylia alongside our partners at CDPQ. We look forward to drawing on our deep operating expertise in industrials and manufacturing to enhance the business in areas such as commercial strategy and procurement, supporting its next phase of growth.”
Antylia marks Brookfield’s latest transaction in the US industrial and manufacturing sector, following the acquisition of Chemelex, a provider of electric heat trace systems, earlier this year.
Goldman Sachs and Jefferies acted as financial advisors and Kirkland & Ellis acted as legal counsel to Antylia. JP Morgan Securities acted as financial advisor to GTCR.
Today, GTCR issued a press release announcing the sale of Antylia Scientific:
CHICAGO, May 28, 2025 /PRNewswire/ -- GTCR, a leading private equity firm, today announced that it has signed and completed the sale of Antylia Scientific ("Antylia" or "the Company") to Brookfield Asset Management's private equity business and CDPQ for approximately $1.34 billion.
Headquartered in Vernon Hills, Illinois, Antylia is a diversified life sciences company focused on the biopharmaceutical, clinical diagnostic, and environmental testing industries, among others. Antylia supports the accuracy and repeatability of processes in research and clinical labs by manufacturing and selling mission-critical products to thousands of long-term customers across these industries.
As part of GTCR's Leaders Strategy™, the firm partnered with Antylia Chairman Bernd Brust, CEO Jonathan Salkin, and the Company's executive team to execute transformational growth. Since the firm's initial acquisition of Antylia (f/k/a Cole-Parmer Instrument Company) from Thermo Fisher Scientific in a carve-out transaction in 2014, GTCR's investment funds continued to invest significant capital in the Company to expand its geographic reach and portfolio of lab products, bioprocessing tools and life sciences reagents and quality controls. Since 2014, Antylia has completed 15 add-on acquisitions of complementary life science tools and diagnostic controls businesses. In addition, in late 2021, Antylia separated and divested its Masterflex bioprocessing business segment to Avantor Inc. in an all-cash transaction that valued the business unit at $2.9 billion, which represented the culmination of transforming that business segment into a high-growth bioprocessing asset supporting biologic drug and vaccine production.
"We are extraordinarily proud of the business transformation that Bernd, Jon and the entire Antylia team have been able to achieve over the last decade," said Sean Cunningham, Managing Director and Head of Healthcare at GTCR. "From just an idea in 2014, to creating the current business through organic investment and M&A, we believe this is another great example of our Leaders Strategy™ approach, and we want to thank the entire Antylia team for their partnership."
"Bernd and Jon have created a unique platform within the life sciences industry," said Dean Mihas, GTCR Co-CEO and Managing Director. "The business has grown and evolved significantly in the decade we have partnered with them, and we look forward to watching the Antylia team's continued success as the business drives innovation in the life sciences industry."
"Antylia's continued growth and momentum would not have been possible without the thoughtful partnership from the entire GTCR team over the past decade," said Jonathan Salkin, CEO of Antylia. "We are thankful for their support and look forward to continuing to grow Antylia into the future."
Goldman Sachs and Jefferies acted as financial advisors and Kirkland & Ellis acted as legal counsel to Antylia. J.P. Morgan Securities LLC acted as financial advisor to GTCR.
About GTCR:
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages more than $45 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach.About Antylia:
Antylia Scientific™ is a diversified life science tools business with a portfolio of products serving the pharma, biopharma, healthcare and environmental markets. Its life sciences portfolio includes well-recognized brands such as the environmental sampling and testing innovator, Environmental Express®; real-time monitoring and cold storage expertise at Traceable®; our standards and external diagnostic control specialists, SPEX® and ZeptoMetrix®; and our lab essentials and consumables Cole-Parmer Essentials® brand. For more information, please visit www.antylia.com/
CDPQ also issued a press release earlier today stating that along with Brookfield, it has completed the acquisition of Antylia Scientific:
Brookfield Asset Management (NYSE, TSX: BAM) through one of its private equity funds, together with its listed affiliate Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) and global investment group CDPQ, today announced that they have completed the acquisition of Antylia Scientific (“Antylia”) for approximately $1.3 billion.
Antylia is a leading manufacturer and distributor of consumables and testing equipment serving diagnostics, environmental and life sciences labs. The business manufactures and sells essential products that support the accuracy and repeatability of processes in labs and benefits from a diverse and long-term customer base which supports its strong cash flow generation.
Anuj Ranjan, CEO, Brookfield’s Private Equity Group, said: “We’re excited to complete the acquisition of Antylia alongside our partners at CDPQ. We look forward to drawing on our deep operating expertise in industrials and manufacturing to enhance the business in areas such as commercial strategy and procurement, supporting its next phase of growth.”
Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at CDPQ, said: “We are investing with our long-standing partner Brookfield in Antylia, a business supplying critical products to professionals in the life and environmental sciences sectors. Together, we see an opportunity to support its continued growth and reinforce its position as a market leader.”
Antylia marks Brookfield’s latest transaction in the U.S. industrial and manufacturing sector, following the acquisition of Chemelex, a global leader in electric heat trace systems, earlier this year. Brookfield brings extensive global expertise of investing and driving operational transformation in industrial and manufacturing businesses. Other investments have included Clarios, the global leader in advanced low-voltage batteries and Westinghouse, a leader in providing mission-critical technologies, products and services to the nuclear power industry.
ABOUT BROOKFIELD ASSET MANAGEMENT
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.
Brookfield’s private equity business, which manages over $145 billion of assets under management, focuses on driving operational transformation in businesses providing essential products and services.
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ’s net assets totalled CAD 473 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
Alright, just when you think private equity transactions have fallen off a cliff, a nice deal like this comes along.
Antylia is a leading manufacturer and distributor of consumables and testing equipment serving diagnostics, environmental and life sciences labs.
I don't know this company well but if you read GTCR's press release, it states it was formerly known as Cole-Parmer Instrument Company and came from Thermo Fisher Scientific in a carve-out transaction in 2014.
I know Thermo Fisher, a leading publicly traded company that provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally.
Any company that comes from a carve-out from Thermo Fisher, well, chances are it's a leading company as well.
Also, GTCR is a leading private equity firm that is well known in the industry, specializing in financial services, healthcare, TMT and business and consumer services.
They helped Antylia grow and make key strategic acquisitions over the last ten years and that's what caught the interest of Brookfield and CDPQ which is co-investing in this large transaction.
What are they planning on doing with Antylia? It's in the press release:
Anuj Ranjan, CEO, Brookfield’s Private Equity Group, said: “We’re excited to complete the acquisition of Antylia alongside our partners at CDPQ. We look forward to drawing on our deep operating expertise in industrials and manufacturing to enhance the business in areas such as commercial strategy and procurement, supporting its next phase of growth.”
Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at CDPQ, said: “We are investing with our long-standing partner Brookfield in Antylia, a business supplying critical products to professionals in the life and environmental sciences sectors. Together, we see an opportunity to support its continued growth and reinforce its position as a market leader.”
They will grow this company and eventually sell it to a strategic or IPO it on the public markets.
One final note. If you look at Thermo Fisher's stock price, it has sold off this year as rates backed up:
Higher rates and the Trump administration's policies have hit healthcare and biotech stocks this year but in my opinion, the worst may be behind us and in a market where value is hard to come by, take a closer look at this sector.
Lastly, since Martin Longchamps came up today, two months ago he posted on LinkedIn that he was now in charge of the private debt portfolio at CDPQ as well:
Brookfield and Oaktree have put out a great paper entitled "Understanding Private Credit: Sponsored vs Non-Sponsored Financing" and what I stated at the time is as long as the governance is right, it makes sense to have the Head of Private Equity also be in charge of Private Debt (I emphasize, as long as the governance is there and solid which it is).
Below, Brookfield's CEO of its Private Equity business, Anuj Ranjan, and COO, Adrian Letts, sat down to share their Quick Takes.
Also, Brookfield CEO Bruce Flatt sat down with CNBC Squawk Box Asia to discuss our business growth, the impact of tariffs and inflation, and the opportunities we continue to see in digitalization and AI infrastructure
Third, Akram Hussain, the MEA Business Leader for Antylia Scientific discussing the changes to Cole Parmer and the exciting new portfolio of premium brands the bring mission critical products to customers in their quest to discover and manufacture new therapeutics, vaccines, and diagnostics.
Lastly, Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, will invest an additional $2 billion in the United States over the next four years, strengthening American innovation, manufacturing and economic competitiveness across the life sciences sector.
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