Genstar Capital Exits BioSource Investment upon Company's Merger with Invitrogen
10/6/2005
For additional information:
Genstar Capital
Andrea Ginsberg
(415) 664-4680
aginsberg@gencap.com
SAN FRANCISCO—October 6, 2005—Private equity firm Genstar Capital, LLC today announced the sale of its position in BioSource International, Inc. (NASDAQ: BIOI) to Invitrogen Corporation (NASDAQ: IVGN).
Genstar made its initial investment in BioSource, a life sciences products company, through its fund, Genstar Capital Partners II, L.P., in February 2000. With a 31% beneficial stake in BioSource, Genstar was the company’s largest shareholder. Under the terms of the merger agreement with Invitrogen, BioSource stockholders received $12.50 per share for all shares currently issued and outstanding.
“By working with Genstar to develop a long-term strategy to accelerate sales of key products, BioSource was able to capitalize on several growth opportunities and establish a market leadership position in cellular pathway assays,” said Terrance Bieker, president and chief executive officer of BioSource. “The strategic guidance and industry insight provided by Genstar has been invaluable.”
Over the course of Genstar’s involvement with BioSource, the company’s revenues grew from $29 million to $48 million. Jean-Pierre Conte, Genstar’s chairman and managing director, and Robert Weltman, managing director of Genstar, served on the board of BioSource from February 2000 until the close of the merger with Invitrogen this month.
“Terry Bieker and the rest of the BioSource management team have done an incredible job of developing the company’s capabilities and strengths in the life sciences market,” said Rob Weltman of Genstar. “We congratulate BioSource on their success in growing their company by focusing on satisfaction of the unmet needs of their customers.”
Among other areas of focus, Genstar is an active investor in the life sciences market and has made a number of investments in this sector. Most recently, PRA International, Inc. (NASDAQ: PRAI), a Genstar Capital Partners III, L.P. portfolio company, completed its IPO in November 2004 and a secondary offering in June 2005. PRA is a leading global contract research organization focused on outsourced phase I-IV clinical drug development services for many of the largest pharmaceutical and biotech organizations. In June 1997, through Genstar Capital Partners II, L.P., Genstar acquired NEN Life Sciences, a leading supplier of research consumables and services to the life sciences industry. Genstar sold NEN to PerkinElmer, Inc. (NYSE:PKI) in July 2000.
ABOUT GENSTAR CAPITAL LLC
Based in San Francisco, Genstar Capital (www.gencap.com) is a private equity investment firm that makes leveraged investments in quality middle-market companies. Genstar Capital works in partnership with management to transform its portfolio companies into industry-leading businesses. With more than $900 million of committed capital under management and significant experience investing in businesses, Genstar focuses on selected segments of the life sciences, business services, and industrial technology sectors.