AEA aquires majority stake in Battery-backed PST

The new investor is currently deploying from its seventh-generation fund, which closed on $4.8bn in December 2019. The fund takes controlling stakes in mid-market companies in the US and western Europe.

Battery will retain a minority stake.

The firm's current CEO, Adam Markin, will continue to lead the business, which will focus on acquisitive growth following the investment.

As of September 2020, the company's borrowing consisted of term loans of £118m repayable in 2023 and a revolving credit facility of £3m, according to the company's accounts.

Previous funding
Battery began the PST platform journey with its acquisition of Cambridge-based company Michell Instruments in 2016. At the time it was investing from its Battery Ventures XI fund, which closed on $650m in February 2016.

The company acquired Analytical Industries in 2017, Dynament and Status Scientific Controls in 2018, and NTron and SST Sensing in 2019 for £13m.

Company
PST is a platform constructed under Battery's ownership comprising seven businesses, which sell its sensors and other technologies into industries including pharmaceuticals, life sciences, speciality gases, petrochemicals, food and beverages, semiconductors and building automation. The company's products measure moisture, oxygen and pressure. Based in Ely, PST was established in 2016.

People
AEA Investors – Ramzi Gedeon (partner).

Advisers
Vendor – Baird (corporate finance).

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• Topics
• Exits
• Expansion
• UK / Ireland
• Industrials
• Battery Ventures
• Secondary purchase
• United Kingdom