Levine Leichtman Capital Partners has acquired Technical Safety Services, a Berkley, Calif.-based company that provides regulatory compliance and productivity in all laboratory environments.
In the wings: Financial terms were not disclosed. But a source told Axios in May that a multiple of 25 times EBITDA was needed to advance to the second round of the sale process, which would amount to more than $800 million.
- Houlihan Lokey and Harris Williams advised sellers on what sources called a quick process.
Rollback: Edgewater Funds and JZ Partners acquired TSS in March 2018, fueling an aggressive consolidation game with over 20 follow-on acquisitions.
How it works: TSS tests, certifies and calibrates critical equipment and controlled environments in the life science and healthcare markets.
- On-site technical services are provided at regular intervals.
State of play: The boom in biotechnology funding in recent years (which has slowed more recently) has led to the construction of many more labs. So no more request for TSS.
- LLCP partner Matthew Rich said in a press release that he will build on TSS’s successful growth through “additional strategic mergers and acquisitions and the expansion of the company’s services into new geographies, both nationally and internationally”.