Industrial Scientific announced in late July it signed a definitive purchase agreement to join the Fortive family of industrial technology companies as a member of its Field Solutions platform.
Fortive is a public company that was a part of Danaher Corporation until July 2016 when it spun off to become its own company. With 2016 revenues of $6.2 billion, Fortive is a diversified industrial growth company with technology businesses in field instrumentation, transportation, sensing, product realization, automation, and franchise distribution. It is a robust M&A player, acquiring firms to build an Internet of Things connectivity platform for users.
President and CEO Justin McElhattan will remain in charge of the company as president. The company, which had been privately held, was founded by Justin McElhattan’s grandfather, Kenton McElhattan and his son, Kent McElhattan, in 1985. Industrial Scientific had 2016 revenues of $156 million. It employs 700 workers worldwide. Industrial Scientific is the parent company to Predictive Solutions Corporation.
Based in Everett, WA, Fortive employs more than 24,000 research and development, manufacturing, sales, distribution, service, and administrative employees in more than 40 countries around the world.
Citigroup Global Markets, Inc. and Raptor Partners LLC acted as financial advisors to Industrial Scientific in the transaction.
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