Travers Smith has advised Indicor Equity LLC, via its subsidiary Petroleum Analyzer Company (PAC) LP, on the acquisition of the entire issued share capital of Icon Scientific Limited.
Houston-headquartered PAC is a leading global manufacturer of advanced analytical instruments, delivering solutions for the petrochemical, hydrocarbon, process, aviation, packaging, pharmaceutical, renewable fuel, and medical device industries since 1931.
UK-headquartered Icon Scientific is a technology-driven manufacturing company with a highly innovative range of proprietary explosion-proof, certified blending optimizers, and physical property analyzers for midstream and downstream processing applications.
The acquisition further enhances PAC's high-growth sustainability portfolio through Icon’s one-of-a-kind ethanol blending solution. This technology leverages automation and high-precision capabilities to eliminate uncertainty in the gasoline blending process, enabling refineries to achieve online certification of the final product.
The Travers Smith team on this transaction was led by our Corporate Partner Jon Reddington and included Senior Associate Samanzahra Shabbir.
Commenting on the acquisition, Pete Morris, President of PAC said: "The inclusion of Icon in the PAC portfolio aligns perfectly with our vision of becoming the world's leading analytical solutions provider customers trust for insights and innovation to drive efficiency. The consolidation of PAC and Icon portfolios enables us to harness our combined innovation capabilities, industry knowledge and application expertise to offer our customers a compelling and unique suite of online analysis solutions to drive process efficiency, supported by best-in-class, global customer service."
Jon Reddington said: "This strengthens PAC's leadership in physical property analysis for midstream and downstream processing applications, and we are delighted to have advised on this cross-border deal. We look forward to working with Indicor as they continue to build their global portfolio of proven, best-in-class companies."
