Thermo Fisher Scientific has agreed to sell Cole-Parmer Instrument Co. to private-equity firm GTCR for $480 million.
Cole-Parmer, based in Vernon Hills, Ill., and part of Thermo Fisher's lab products division, provides specialty lab equipment, supplies and instruments. The 400-employee company had about $230 million in revenue in 2013, according to Thermo Fisher.
Most recently, the Waltham, Mass.-based healthcare equipment and life sciences conglomerate said in January that it would divest three businesses to GE Healthcare for $1 billion. That transaction helped clear the way for Thermo Fisher to acquire Life Technologies Corp., a deal worth $13.6 billion in cash and $1.5 billion in assumed debt that closed in February.
The Cole-Parmer transaction is expected to close in the third quarter, pending regulatory approval. Thermo Fisher, which recorded $13.1 billion in revenue in 2013, plans to release second-quarter earnings Wednesday.
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