NEW YORK – SPT Labtech, a UK-based developer and manufacturer of automated life science instruments and consumables, has been acquired by global investment organization EQT IX Fund from Battery Ventures.
The deal is expected to accelerate SPT Labtech's product development and geographic expansion to support life sciences research for a broad range of applications, the firm said Wednesday. Financial terms were not disclosed.
Headquartered in Melbourn, UK, SPT Labtech has been owned by Battery Ventures since it spun out from TTP Group in 2018. The company focuses on liquid handling, sample management, and cryogenic electron microscopy sample preparation technologies, as well as automated solutions for genomics and multiomics. Its Firefly module, in particular, can be used for PCR setup and next-generation sequencing sample prep.
The acquisition will support SPT Labtech's next phase of growth "by focusing on continued product innovation, scaling the cryo-EM sample preparation segment, and growing the business in new and existing geographies," according to a statement.
David Newble, CEO of SPT Labtech, said the firm is "ready to embark on the next phase of our growth journey, in which we aim to foster SPT Labtech's strong market positions in our existing businesses and explore new market opportunities, while meeting our life science customers' needs for innovation, and making a positive impact on society."
EQT is a purpose-driven global investment organization that claims to manage €77 billion ($80.7 billion) in assets across 36 active funds, with a portfolio of companies in Europe, Asia-Pacific and the Americas, total sales of approximately €29 billion, and more than 280,000 employees.
The transaction is subject to conditions and approvals and is expected to close during the third quarter.