Battery Ventures, a global, technology focused investment firm, has acquired LI-COR Biosciences, an industry-leading company that makes highly engineered instrumentation systems for environmental research, agriculture, drug discovery, protein research and therapeutics development.
LI-COR, founded by Bill and Elaine Biggs, has two main business lines: environmental-monitoring instrumentation, including devices and software for scientists to analyze plants, atmospheric qualities, gas and soil, and a biotechnology business, offering a portfolio of imaging and analysis instruments, proprietary software and reagents sold mainly to life-science research institutions and pharmaceutical producers.
An increased need for climate-change analysis and adaptation, as well continued global population growth and the need to improve food production, are larger trends pushing the adoption of LI-COR’s environmental products. LI-COR’s biotechnology products help researchers improve the human condition through innovative research tools that help scientists solve global health challenges. Based in Lincoln, Neb., the company counts more than 3,000 academic and commercial customers across 100 countries and operates two subsidiaries in Germany and the United Kingdom.
“We are excited to partner with LI-COR and the Biggs family in this transaction, particularly since we’ve been tracking the company and its growth since 2013,” said Jesse Feldman, a Battery Ventures general partner. “We look forward to helping LI-COR increase its market share and grow both organically and through targeted acquisitions.” Feldman and Battery’s Max-Julian Kaye are joining LI-COR’s board.
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As part of the acquisition, current LI-COR Chief Executive Greg Biggs, the son of co-founder Bill Biggs, will transition to an advisory role. Thomas Reslewic, a current Battery executive-in-residence who previously served as group president for two business units within Teledyne Technologies, will become CEO. At Teledyne, Reslewic managed a portfolio of companies producing a range of scientific instruments, environmental-monitoring equipment, and test-and-measurement solutions, among other products.
“LI-COR has incredibly strong heritage as an innovator in both of its core markets, which continue to present exciting opportunities for organic and inorganic growth,” Reslewic said. “I am excited to assume this new role and to lead LI-COR in its next chapter of growth as a category leader.”
Greg Biggs noted: “Partnering with Battery, a well-capitalized firm with an extensive history of backing innovative analytical-instrument businesses, is the logical evolution for LI-COR. We could not be more thrilled to leverage Battery’s capital, network and industry expertise to continue to drive our growth in this dynamic industry environment.”
Source: Biospace
