An Indianapolis-based biologistics company has sold for nine-figures in one of the largest disclosed-price acquisitions of the past year.
Publicly traded Brooks Automation, Inc., based in Massachusetts, has purchased privately held Biostorage Technologies Inc. for roughly $127 million, according to the firms.
Brooks supplies lab instruments and solutions to the life sciences, clean energy and other industries. Biostorage specializes in biological sample storage for a variety of sectors.
In prepared remarks, Brooks officials said the firm bought Biostorage to enhance its ability to provide "comprehensive sample management solutions to customers … enabling them to increase efficiencies and speed-to-market for their products."
Both companies will retain their names and brands, but it's unclear how many employees each business has. In 2012, when Biostorage had 75 employees, it announced plans to add 108 jobs by 2017. Biostorage posted revenue of approximately $40 million in 2015.
Officials from both companies couldn't immediately be reached for comment. The deal closed in December.
Last year saw a number of big deals involving central Indiana companies, including billion-dollar acquisitions by Eli Lilly and Co. and Anthem Inc. The Biostorage acquisition would rank No. 7 on IBJ's list of largest Indianapolis-area mergers and acquisitions of 2015.
Biostorage was founded in 2002. Carmel-based Spring Mill Venture Partners invested in the company as part of an $8.3 million financing round in 2007, Spring Mill partner David Mann told IBJ on Friday.
Mann said Spring Mill, a New York-based venture firm and several angel investors bought equity stakes in the company, and his firm's return was "well north of 5x," he said.
"There aren't a lot of venture-backed companies in Indiana selling for 9-figures plus," Mann said.