Market Updates
PerkinElmer Divests Businesses, Focus On Life Science and Diagnostics
Scott Peters
01 Aug, 2022
New York City
PerkinElmer said it plans to focus on high-margin and high-growth businesses and divest its non-core and low-margin businesses.
The $8 billion revenue company plans to focus on the $35 billion market into infectious diseases and autoimmune markets.
Perkin Elmer agreed to sell its non-core business for $2.45 billion to New Mountain Capital and the deal is expected to close in the first quarter of 2023.
New Mountain agreed to pay $2.3 billion in cash at the time of deal closure and $150 million of which will be payable contingent on the exit valuation New Mountain Capital receives on a sale or other capital events related to the business.
PerkinElmer after the closure of the deal will retain its life science and diagnostics businesses with total revenue of about $3.3 billion in 2022.
PerkinElmer's diagnostics division generates $2.9 billion in revenues autoimmune, allergy, and latent tuberculosis lead the sales followed by reproductive health and applied genomics.
The company plans to focus on building its businesses generating recurring revenues and recurring revenues account for 80% of total revenues and are expected to grow 10% a year.
The analytical, food, and enterprise services businesses are expected to generate approximately $1.3 billion in revenue in 2022 with a low-to-mid teens adjusted EBITDA margin.
These businesses include approximately 6,000 of PerkinElmer
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