fb-pixel Skip to main content

PerkinElmer sells off three business units in $2.45 billion deal

The Massachusetts company’s stock rose 5 percent on Monday.

The exterior of the PerkinElmer lab in Valencia, Calif. The Waltham-based company agreed to sell three business units for up to $2.45 billion.Marcio Jose Sanchez/Associated Press

Waltham-based PerkinElmer agreed to sell its Applied, Food, and Enterprise Services businesses to investment firm New Mountain Capital for up to $2.45 billion.

The company announced the deal Monday morning. The acquisition is expected to close in the first quarter of 2023, with PerkinElmer netting $2.3 billion in cash at closing and an additional $150 million in potential future payments.

PerkinElmer’s remaining Life Sciences and Diagnostics business unit, which made up approximately 80 percent of the company’s revenue in 2021, will operate under a new name, brand, and ticker that the company said it will announce prior to the closing of the sale. The Applied, Food, and Enterprise Services businesses will continue to operate under the PerkinElmer name, according to the company.


Prahlad Singh, president and chief executive officer of PerkinElmer, said the sale allows the company to focus on maximizing growth in the diagnostics and life sciences markets, while increasing financial flexibility.

“With today’s divestiture announcement, we position the company to transform into a pureplay, high growth, high margin life sciences and diagnostics company with even more focus to capitalize on attractive end markets,” Singh said in a statement.

New Mountain Capital is a New York-based investment firm with approximately $37 billion in assets. The firm will acquire PerkinElmer’s OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy, and chromatography instruments, consumables, and reagents that serve the biopharma, food, environmental and safety, and other markets.

PerkinElmer’s stock rose 5 percent in Monday trading.

Collin Robisheaux can be reached at collin.robisheaux@globe.com. Follow him on Twitter @ColRobisheaux.