Wyatt Technology acquired for $1.3 billion
Santa Barbara-based Wyatt Technology has been acquired for $1.36 billion by Waters Corporation, a publicly traded analytical laboratory instrument manufacturing company, the two parties announced on Feb. 15.
The transaction is expected to close in the second quarter of 2023. Kirkland & Ellis LLP is serving as legal counsel to Waters, while Wyatt’s legal counsel is provided by Glaser Weil Fink Howard Avchen & Shapiro LLP, the companies said in a press release.
Wyatt Technology specializes in innovative light scattering and field-flow fractionation instruments, software, accessories, and services.
Wyatt is a privately held family company with 2022 revenues reaching over $110 million while employing over 200 people.
Wyatt’s scientists were the first to commercialize on-line multi-angle laser light scattering instruments more than 40 years ago and the company has been defining and redefining state-of-the-art macromolecular characterization instrumentation, software, and services to solve its customers’ unmet needs, it said in a press release.
There is also a significant market opportunity for bioanalytical characterization for new modalities including cell and gene therapies with a $1.8 billion total addressable market and 10-12% projected annual growth.
Now together, the company believes it is well-positioned to build a high-growth bioanalytical characterization business.
The acquisition also broadens Wyatt’s global reach, further expanding its Europe and Asia presence.
“For more than 40 years, our company has delighted its customers using the unique products and unparalleled personal service we deliver to support life-enhancing large molecule therapeutics,” Philip Wyatt, chairman and founder of Wyatt Technology, said in a press release. “For decades, we have seen firsthand how closely Waters and Wyatt’s scientific heritage, ethos, and values have been aligned. Becoming an integral part of Waters is a natural way for us to expand our business dramatically.”