LLR Partners Announces Sale of Portfolio Company InnaPhase Corporation
LLR Partners today announced that it has sold its portfolio company, InnaPhase Corporation, to Thermo Electron Corporation of Waltham, MA, for $68.5 million. Thermo Electron is the world leader in analytical instruments with annual revenues in excess of $2 billion.
The sale completes a four-year period of rapid growth during which LLR Partners led three rounds of private equity financing for InnaPhase, helped build a successful management team, and worked with the company on several strategic acquisitions. LLR Partners was the largest shareholder of InnaPhase.
InnaPhase, based in Philadelphia, PA, is a successful $26 million revenue company with a leading position in the growing market for Laboratory Information Management Systems (LIMS) software used by pharmaceutical and biotechnology companies. With new drugs coming to market daily and competition increasing, the pharmaceutical industry needs new solutions to expedite the drug development process from preclinical trials through volume production. InnaPhase’s software helps pharmaceutical companies manage this process while controlling costs.
Dr. Jo Webber, former CEO of InnaPhase and newly-appointed general manager of the Thermo Informatics business, says, “It has been a tremendous experience working with Howard Ross and the rest of the LLR group. Without their support, I do not believe we could have achieved the exceptional success enjoyed by InnaPhase Corporation in the past few years. Everyone here at InnaPhase is excited about joining the Thermo team and we are confident of our continued growth and success.”
InnaPhase was founded in 1998 and rose to prominence under its founder Peter Ryan and current CEO, Dr. Webber. Under Dr. Webber’s leadership, the company executed a key strategic acquisition, developed groundbreaking new products, penetrated new markets, and became the industry standard for LIMS software. The company’s Watson LIMS software is currently used by 18 of the 20 largest global pharmaceutical manufacturers. InnaPhase will continue to operate in Philadelphia as a Thermo Informatics division, under the leadership of Dr. Webber.
Howard D. Ross, Partner of LLR Partners, added, “This is a great transaction for all parties involved. LLR completes a very successful investment exit, Thermo acquires an excellent growth platform and a terrific leadership team for its Informatics division, and InnaPhase continues under the banner of a large global organization. We consider Dr. Webber to be among the best CEOs in our portfolio and are certain that her team will continue to drive growth for the company.”
For more information or to arrange interviews with LLR Partners or InnaPhase, contact Kristy Lash or Tony DeFazio of Gregory FCA at 610-642-8253.
About LLR Partners Inc. (LLR)
LLR Partners Inc. is a $500 million private equity firm providing capital to middle market companies with strong growth potential, proven business models and outstanding management teams. LLR primarily makes investments of $10 million to $30 million in a broad range of growth industries, with an emphasis on business services, healthcare and information technology. Based in Philadelphia, LLR focuses on creating value in superior investment situations in the Mid-Atlantic region. For more information about LLR, please visit http://www.llrpartners.com .
About InnaPhase
InnaPhase Corporation provides 18 of the world’s top 20 pharmaceutical organizations with its products and services. The Pharma LIMS(TM) Suite is a series of purpose built LIMS applications for the pharmaceutical industry and is designed to operate in a 21 CFR Part 11 compliant environment. The Pharma LIMS Suite includes: Newton(TM) LIMS for batch release, quality control, formulation, stability and analytical development; Watson(TM) LIMS for preclinical and clinical bioanalysis; and Galileo(TM) LIMS for In Vitro testing. InnaPhase also supplies LabManager iLIMS and Thompson(TM) LIMS as well as the PeakPro chromatography automation system. InnaPhase has locations in the United States, the United Kingdom, Germany, The Netherlands and distribution centers in India and Japan.
