Battery Ventures Portfolio Company Industrial Safety Technologies to Acquire Oldham from Industrial Scientific Corporation
Aug 04 2013
Battery Ventures (USA) portfolio company Industrial Safety Technologies (UK) has reached an agreement with Industrial Scientific Corporation for the proposed purchase of its Oldham fixed-point gas detection business. Oldham provides a comprehensive portfolio of fixed system gas detection monitors and controllers and will be the fifth acquisition for IST since its inception in 2011. The sale encompasses Oldham headquarters’ operations in Arras, France along with fixed systems support operations in China, Germany, India and the United States. No financial details were disclosed.
Adam Markin, President of Industrial Safety Technologies, said that “Oldham offers IST a great European presence and market share including production capabilities in France and China that complement IST’s existing locations and other group companies. We are excited about Oldham and are looking forward to working with management to grow the business and meet their long term objectives.”
The Oldham brand will remain intact and will operate as an independent company within the IST Platform. IST’s mission is to create a full line of integrated technology-based detection products and services. Oldham joins other leading brands in the IST family, which together create a comprehensive portfolio of detection products with global reach: Simtronics (based in Norway and France, acquired March 2013): sophisticated gas and flame detection) for use in applications ranging from plant boiler rooms to offshore petrochemical facilities; DSA Detection (headquartered in Massachusetts, acquired October 2012): consumables for leading brands of explosives and narcotics trace detectors (ETD); Detcon (headquartered in Texas, acquired September 2011): gas detection sensors and control systems, with strength in fixed products for the oil and gas market; Gas Measurement Instruments (GMI) (headquartered in Scotland, acquired August 2011): gas detection with a particular strength in portable products for gas distribution, oil and gas, and shipping markets.
Justin McElhattan, President and CEO of Industrial Scientific Corporation, said “Industrial Scientific people are dedicating their careers to ending death on the job. The sale of Oldham is part of our strategy to accelerate promising technologies that further preserve human life in the workplace. I firmly believe that Oldham will thrive under Industrial Safety Technologies. The company has strong synergies in fixed gas detection and supports the vision of the company.”
“We’ve made quick strides in scaling IST and integrating a number of the leading brands in the global gas detection market,” said Jesse Feldman, Battery Ventures General Partner. “Oldham follows this pattern, with a great reputation for innovation and quality that we expect to maintain and grow under the IST umbrella. Industrial safety technology is a large and strategic opportunity with tremendous potential upside, and we are working hard to build a leading global player with a full portfolio in both fixed and portable gas detection products for customers worldwide.”
The transaction is expected to close in the fourth quarter of 2013.
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