NEW YORK, BOSTON, and ELY, United Kingdom, Nov. 21, 2024 /PRNewswire/ -- AEA Investors' ("AEA") Middle Market Private Equity team ("AEA MMPE") and Battery Ventures ("Battery") today announced they have completed the sale of Process Sensing Technologies ("PST" or the "Company") to DwyerOmega, a global manufacturer and provider of innovative sensors and instrumentation solutions. Terms of the transaction were not disclosed.
PST is a leading global provider of advanced measurement and monitoring solutions for process-critical applications. The Company's comprehensive suite of proprietary sensors, instruments, and monitoring systems measure and analyze key process parameters - such as moisture, trace gas, oxygen, level, and flow - in a wide range of applications across a variety of end markets. With its high-precision products and extensive network of sales, service, and support professionals around the world, PST provides its 25,000+ customers with solutions that enable safer conditions for people and processes, maximize energy efficiency, and ensure compliance with quality standards and regulatory requirements.
"AEA and Battery have been excellent partners to PST. Battery was instrumental in laying the foundations for PST when the platform was established in 2016 and has continued to play a valuable role ever since. Following AEA's majority investment in 2020, we have strengthened our presence in North America and established PST as a global, scaled market leader that is well positioned for long-term growth," said Adam Markin, CEO of PST. "We chose AEA as a partner in 2020 because of their deep experience and proven success in the industrial technology sector, and we are proud of the milestones we have reached together. Today, we are better positioned to address the growing needs of our diverse customer base, and we look forward to continuing to build on this strong foundation as part of the DwyerOmega family."
Since investing in PST in 2020, AEA MMPE has worked closely with PST's management team to expand the Company's total addressable market through strategic M&A and unlock new applications through investment in new product development. PST has also enhanced its systems and processes to integrate the platform, thereby realizing significant commercial and operational benefits, and expanded its geographic footprint to become a truly global business. Under AEA's ownership, PST has consistently taken share and grown above market, even in an uncertain macroeconomic environment.
"We are proud of the growth PST has achieved, and our successful partnership is a result of AEA's collaborative approach, footprint across the U.S. and Europe, sector expertise, clear value creation thesis, and commitment to driving strong outcomes for our stakeholders," said Ramzi Gedeon, Partner on the AEA MMPE team. "PST's management team has successfully positioned the Company as a leader in a market that is benefiting from increased demand for testing and measurement solutions as businesses seek to address rising health, safety, environmental, and regulatory requirements and drive operational efficiency and quality improvements. It has been a privilege to work alongside management and Battery in supporting PST's journey to meet customers' expanding needs. We wish the PST team all the best as they embark on this next chapter."
"We thank AEA and the PST management team for their partnership and the successful execution of the Company's ambitious growth plans over the past four years," said Jesse Feldman, General Partner at Battery.
ABOUT PROCESS SENSING TECHNOLOGIES
PST is a leading global provider of advanced measurement and monitoring solutions for process-critical applications. PST designs, manufactures, and distributes differentiated, high-precision measurement solutions that analyze and monitor vital process parameters. The Company's portfolio of solutions serves a broad range of industries, including pharmaceuticals, bioscience, medical, aerospace, semiconductor, compressed air, building automation, and energy. With operations across Europe, North America, and Asia, PST's solutions are trusted in mission-critical applications worldwide. To learn more, visit www.processsensing.com.
ABOUT AEA INVESTORS
AEA Investors was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA's over 120 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $19 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth capital, and private debt investments. For more information, visit www.aeainvestors.com.
ABOUT BATTERY VENTURES
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT, and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv. Follow the firm on X @BatteryVentures, and visit our website at www.battery.com.
MEDIA CONTACTS
AEA Investors:
Kaitlin Bilby
+1 (212) 845-4307
Media@aeainvestors.com
Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson / Erik Carlson
+1 (212) 355-4449
Battery Ventures:
Megan O'Leary
+1 (415) 426-5912
moleary@battery.com
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