Genstar Capital Sells NEN Life Sciences to PerkinElmer in a $400 Million Transaction
6/12/2000
Contact:Genstar CapitalAndrea Ginsberg(415) 664-4680aginsberg@gencap.comJune 12, 2000 — Genstar Capital LLC announced today an agreement for the sale of NEN Life Sciences Inc. (NEN), a leading global developer, manufacturer and distributor of life-science products and technologies to PerkinElmer, Inc. (NYSE: PKI – news), in a transaction valued at approximately $400 million. The acquisition is anticipated to close early in the third quarter. ``The growth of NEN as a leader in life-sciences has been dramatic,‘’ said J-P Conte, a Managing Director of Genstar Capital LLC, which is the controlling shareholder of NEN. ``Since our acquisition of NEN in 1997, as an independent company, NEN has thrived. Genstar grew NEN by bringing in new management, leadership, pursuing add-on acquisitions and alliances, and leveraging NEN’s market position, brand equity and global distribution capability. Today’s transaction brings together two growth companies with complementary technologies and outstanding products. This is the appropriate next step for the company to realize its potential. I am proud of the success of NEN and Genstar’s contribution.‘’ NEN was purchased in July 1997 by Genstar Capital LLC, who acquired the company from E.I. Du Pont de Nemours & Co. In October 1998, NEN acquired Advanced Bioconcept Ltd., a leading provider of fluorescently labeled peptides and strengthened NEN’s position in the rapidly growing fluorescent-imaging and high-throughput screening markets. In February 2000, NEN acquired Receptor Biology, Inc. the leading provider of cloned receptor membranes and related products for high-throughput screening and drug discovery. About Genstar Capital LLC Genstar Capital is a private-equity investment firm that makes leveraged investments in quality companies. Genstar Capital works in partnership with management to create value over the long term and has more than $350 million of committed capital under management. Genstar Capital brings a unique mix of experience to portfolio companies, and invests in select industries including the life sciences, with a specific focus on enabling tools and technologies for drug discovery research. Additional information is available on the company’s website at http://www.gencap.com About PerkinElmer, Inc. PerkinElmer, Inc. is a $1.7 billion high technology company based in Boston, Massachusetts, operating in four businesses – Life Sciences, Fluid Sciences, Optoelectronics, and Analytical Instruments. The Company has operations in over 100 countries, and is a component of the S&P 500 Index.