Exclusive financial advisor to LI-COR Biosciences
KPMG Corporate Finance LLC acted as exclusive financial advisor to LI-COR Biosciences
KPMG Corporate Finance LLC (KPMG CF) is pleased to announce the sale of LI‑COR Biosciences (LI‑COR or the Company) to Battery Ventures.
LI-COR Biosciences, founded by Bill and Elaine Biggs in 1971, is a leading innovator in developing high‑quality instrument systems used for plant research, gas analysis, drug discovery, protein research, and small animal imaging. LI‑COR has two main business lines: environmental-monitoring instrumentation and biotechnology instrumentation. The Company’s instruments, analysis software, and reagents are used in more than 100 countries, and the International Space Station, for studies ranging from global climate change to cancer research. LI‑COR employs more than 300 employees at its headquarters in Lincoln, Nebraska and has subsidiaries in Bad Homburg, Germany and Cambridge, United Kingdom.
Battery Ventures, founded in 1983, is a global, technology‑focused investment firm that partners with exceptional founders and management teams developing category‑defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT, and industrial technology. “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.”
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.”
KPMG CF acted as exclusive financial advisor to LI-COR. KPMG CF partnered with the KPMG Financial Due Diligence practice to provide an integrated M&A solution for the client. This was the second transaction that KPMG CF completed for the Biggs family in the past 12 months.
Bill Biggs commented: “We had a good experience with KPMG CF when we sold our dye business to Rakuten Medical in late 2020. So, it was a natural decision for us to choose KPMG CF for this larger transaction, and once again, we were happy with the result. We would like to thank KPMG CF for their hard work and steady guidance throughout this process.”
Financial details of this transaction are confidential.
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