Thermo Electron Acquires US Counseling Services, Inc.
Thermo Electron Corporation has announced the purchase of US Counseling Services, Inc. (“USCS”) for $77.9 million in cash, subject to a post-closing adjustment. Thermo’s net purchase price is $74.7 million, after adjusting for $3.2 million in cash acquired with the business.
Thermo has historically provided maintenance and repair services to customers. In November 2003, Thermo added to this capability by acquiring LMSi, bringing instrument and computer systems validation, metrology, and certification, as well as a range of associated consulting services. Now, with the addition of USCS, Thermo has augmented its service business to provide critical asset management skills, furthering Thermo’s strategy to become the most comprehensive service provider to scientific laboratories worldwide.
Based in Brookfield, Wisconsin, USCS is a leader in equipment asset management services in the pharmaceutical and healthcare industries. The company has successfully established a growing market position, providing a wide range of asset management services, including instrument and equipment maintenance management, physical inventory tracking, and cost-of-ownership analysis to help customers improve the performance of their laboratory or facility. USCS was founded in 1969 and employs 175 people. The company had revenues of approximately $57.0 million in 2003.
Marijn E. Dekkers, president and CEO of Thermo Electron Corporation, said, “The pressure to reduce operating budgets and improve return on assets is very real to laboratory and facility managers. USCS has a proven track record with their LIFECYCLE(tm) maintenance management product, a valuable tool enabling customers to manage their total cost of ownership for major capital equipment investments. Having completed the acquisition of LMSi, this acquisition represents the next step in Thermo’s strategy to expand our leading laboratory services business in the life science and analytical instruments industry.”
“The Thermo-USCS combination represents an exciting opportunity for our employees and our healthcare and life science customers,” said Scott McFadden, president and COO of USCS. “While we have been very successful as an independent company over the past 30 years, Thermo’s resources and market knowledge will enable us to provide additional products and services to our current customers, while more rapidly expanding our service offerings to the life science and analytical instruments industry. We are excited to join the Thermo team.”