MA-BATTERY-VENTURES
Process Sensing Technologies (“PST”), a global manufacturer of instruments, analyzers and sensors for precision measurement and monitoring in a variety of critical industries, announced that global private-equity firm AEA Investors LP (“AEA”) has made a majority investment in the company. PST backer Battery Ventures will maintain a minority stake in the business. Baird acted as exclusive sell-side advisor; other terms of the transaction were not disclosed.
PST—a platform constructed under Battery’s ownership comprising seven global businesses—sells its sensors and other technologies into industries including pharmaceuticals, life sciences, specialty gases, petrochemicals, food-and-beverage, semiconductors and building automation. The company’s products measure moisture, oxygen and pressure, among other things, and help improve customers’ profitability while helping them stay compliant with often-stringent industry regulations.
Battery began the PST platform journey with its acquisition of Cambridge, U.K. company Michell Instruments in 2016. Since then, PST’s revenue has continued to increase through acquisition and organic growth, including through the difficult market environment of 2020.
“We are excited to partner with PST as it continues its strong growth trajectory, including with further acquisitions in attractive core and adjacent markets,” said Ramzi Gedeon, a Partner at AEA, a global private equity firm with extensive expertise in industrial technology. “PST has established itself as a global, market-leading platform and we look forward to supporting the management team in continuing to grow the business in the coming years.”
PST Chief Executive Adam Markin will continue to lead the business. “We have had a tremendous run with Battery and we are excited to welcome AEA to the team. AEA has an extremely strong brand in the industrial technology industry, and I look forward to utilizing their network and experience in scaling businesses as we go forward,” said Markin.
Battery General Partner Jesse Feldman added: “We are thrilled that AEA has chosen to partner with PST and its management team. The PST story is a great example of our industrial technology strategy in action—dynamic revenue expansion fueled by organic growth and complementary acquisitions. We are excited to stay involved with the business alongside AEA and we anticipate more growth for the company in the future.”
Since 2013, Battery’s industrial-technology practice has invested in more than 50 companies across the U.S. and Europe.
About Process Sensing Technologies
PST offers a wide range of gas, oxygen and level sensors as well as measurement instruments including probes, transmitters and analyzers for humidity, moisture, oxygen and trace impurities. The company has a global presence with multiple locations in Europe, Asia and the Americas. Current brands operating under the PST umbrella include Analytical Industries, Dynament, LDetek, Michell Instruments, NTRON, Rotronic and SST Sensing Ltd. https://www.processsensing.com/en-us/
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and covers technology markets from six strategic locations including Boston; Menlo Park and San Francisco, Calif.; Herzliya, Israel; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here .
About AEA Investors
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. Today, AEA’s approximately 90 investment professionals operate globally with offices in New York, Connecticut, London, Munich and Shanghai. The firm manages funds that have over $15 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies and mezzanine and senior debt investments. AEA Private Equity invests across three sectors: value added industrials, consumer, and services.
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