TestOil Acquired by Eurofins Scientific
Cleveland, OH – Carleton McKenna & Co (“CM&Co”) acted as the exclusive financial advisor to Strongsville, OH-based Insight Services, Inc. (dba TestOil) in the Company’s sale to Eurofins Environment Testing America Holdings, Inc., a subsidiary of Luxembourg-based Eurofins Scientific (PAR: ERF; “Eurofins”).
Current management will continue operating under the TestOil brand. Unique advantages deriving from Eurofins’ global reach along with incremental investment opportunities are expected to enhance already bright growth prospects. The acquisition price was not disclosed.
Founded in 1988, TestOil is an innovative leader in the fluid testing and analysis field, using technology and remarkable customer service to improve customers’ predictive maintenance results while improving the lifecycle of continuous use equipment. TestOil’s strong entrepreneurial and data driven culture make the company a welcome addition to the Eurofins family.
TestOil strengthens Eurofins’ machine health testing service offerings which will complement core environmental, consumer product, and biological testing services.
CM&Co represented TestOil as their exclusive financial advisor providing sell-side M&A advisory services.
Dan Richards, Founder and CEO of TestOil said in regard to CM&Co’s contributions, “CM&Co not only made this process more likely to succeed and smoother, they increased the value received, effectively self-funding their compensation many times over.”
About Carleton McKenna & Co
CM&Co delivers hands-on investment banking transaction execution, with clear insightful strategy driving extraordinary success on M&A and capital raising transactions. Senior leadership is deeply involved in each engagement, working with specialty manufacturing, B2B services, technology, consumer products and healthcare companies.
About Eurofins Scientific
Eurofins Scientific (PAR: ERF), headquartered un Luxembourg, is an international group pf laboratories, providing testing and support services to pharmaceutical, food, environmental, agroscience and consumer products industries among others.
The group is one of the international leaders in the provision of testing services with a network of more than 800 laboratories across 50 countries. Through research and development, in-licensing and acquisitions, the group draws on the latest developments in every industry it serves, while helping corporations to deliver safe and compliant products through responsible and sustainable sourcing practices.