Harris Williams & Co. Advises EAG Laboratories on its Pending Sale to Eurofins Scientific for $780 Million

September 21, 2017

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it is advising EAG Laboratories (EAG), a portfolio company of a fund managed by Odyssey Investment Partners, LLC (Odyssey), on its pending sale to Eurofins Scientific (Paris: ERF; Eurofins) for $780 million. EAG is a leading global scientific services company providing analytical testing and consulting services to a diverse and demanding set of end markets. The transaction is expected to close later this year and is being led by Brian Lucas, Luke Semple, Ian Thomas and Carl Menzel of Harris Williams & Co.’s Richmond office.

“EAG is an industry-leading scientific services company with one of the strongest platforms across the material, life and engineering sciences spaces that it serves,” said Brian Lucas, a managing director at Harris Williams & Co. “The platform is led by an outstanding management team who has established market leadership positions and accelerated growth upon what was an already strong foundation. We are excited to represent the company’s shareholders and management in this pending combination.”

“We continue to see strong interest in the test, inspection and certification (TIC) space as buyers seek platforms of scale with differentiated capabilities,” said Luke Semple, a director at Harris Williams & Co. “The combination of EAG with Eurofins strengthens the Eurofins footprint in North America and provides immediate entry into attractive materials and engineering sciences testing to more fully serve its customer base.”

“EAG represents another successful outcome for Harris Williams & Co. in the testing services market and illustrates the strong momentum we have built with lab and field-based service providers,” said Ian Thomas, a vice president at Harris Williams & Co.

EAG, headquartered in San Diego, has 21 laboratories in 18 locations worldwide, serving approximately 4,000 customers with revenue generated from more than 50 countries. The company is one of the largest independent U.S.-centric platforms in the TIC market and is a highly differentiated player in high-science analytical testing and consulting solutions. EAG serves three main markets, namely material and engineering sciences, agroscience and biopharmaceuticals.

Odyssey, with offices in New York and Los Angeles, is a leading private equity investment firm with more than a 20 year history of partnering with skilled managers to transform middle market companies into more efficient and diversified business with strong growth profiles. Odyssey makes majority controlled investments in industries with a long-term positive outlook and favorable secular trends.

Eurofins is a leader in food, environment and pharmaceutical products testing and is one of the global independent market leaders in certain testing and laboratory services for agroscience, genomics, discovery pharmacology and for supporting clinical studies. In addition, Eurofins is one of the key emerging players in specialty clinical diagnostic testing in Europe and the U.S. With over 30,000 staff in 375 laboratories across 41 countries, Eurofins offers a portfolio of over 130,000 analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products, as well as for innovative clinical diagnostic.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.