EQT Private Equity to acquire SPT Labtech, a fast-growing laboratory automation player focused on low-volume liquid handling technology for GBP 650 million from Battery Ventures

• EQT Private Equity to acquire SPT Labtech, a manufacturer and designer of automated instruments and consumables for life science research with a focus on liquid handling, sample management and Cryogenic Electron Microscopy ("Cryo-EM") sample preparation technologies
• SPT Labtech's products support cutting-edge life sciences research, providing agility, efficiency and productivity for a broad range of applications; SPT Labtech's products help accelerate research of novel and groundbreaking therapies
• EQT Private Equity will support SPT Labtech's next phase of growth by focusing on continued product innovation, scaling the Cryo-EM sample preparation segment and growing the business in new and existing geographies

STOCKHOLM, June 22, 2022 /PRNewswire/ -- EQT is pleased to announce that the EQT IX fund ("EQT Private Equity") has agreed to acquire SPT Labtech ("SPT" or the "Company") from Battery Ventures, a global, technology-focused investment firm for GBP 650 million. Together with management, EQT Private Equity will support and accelerate SPT Labtech's growth journey.

Based in Melbourn, UK, SPT Labtech is a manufacturer and designer of automated liquid handling, sample preparation, and storage instruments, as well as corresponding consumables and support services for life science research. The Company was founded in 1997 and spun out from TTP Group. Since 2018 it has been owned by Battery Ventures.

Supported by strong secular megatrends, SPT presents a highly thematic investment opportunity within EQT's prioritized Life Science Tools subsector. The automation of research, miniaturization trends (more analyses with the same sample volume) and a broader adoption of multi-omics will support SPT's core liquid handling business for years to come.

Cryo-EM is a cutting-edge technique supporting the research of new drug targets within novel modalities like cell and gene therapy, as well as mRNA, with the Company's addressable instrument and consumable market expected to grow 35-40 percent going forward.

SPT is the leader in resilient and fast-growing market niches, including in its core segment, the low-throughput liquid handling market, with expected future market growth of 9-10 percent CAGR.

SPT helps researchers save time through automation and enables labs to research for example chronic illnesses and provide treatments or find cures for previously untreatable conditions. The Company's core values are closely aligned with the UN's Sustainable Development Goal (SDG) #3 of ensuring healthy lives and promoting wellbeing. By providing sample preparation instruments and consumables for the novel Cryo-EM technology – for which the Nobel Prize in Chemistry was awarded in 2017 – SPT supports industry innovation and accelerates research outcomes.