Astorg, a pan-European private equity firm with more than €24 billion in assets under management, has signed a definitive agreement to acquire the microbiology business from Thermo Fisher Scientific. The transaction will establish the microbiology unit as an independent, privately owned platform backed by Astorg, with a focus on accelerating growth and enhancing operational performance.
Thermo Fisher’s microbiology business is a global provider of diagnostic consumables and equipment used in antimicrobial susceptibility testing and culture media solutions across clinical, pharmaceutical, and food safety testing applications. The business employs approximately 2,400 people and operates 13 manufacturing and research and development sites globally. It serves approximately 15,000 unique customers operating more than 38,000 labs across more than 100 countries, with over 95% of revenues coming from recurring consumables.
The business operates under the Remel and Oxoid brands and benefits from structural tailwinds, including rising infection complexity, increasingly stringent food safety standards, and growing quality control requirements across the pharmaceutical industry. Its consumables-driven model provides a stable revenue base underpinned by long-term customer relationships in resilient end markets.
Astorg plans to support the business through organic growth, mergers and acquisitions, and further operational development. The transaction was made via Astorg VIII and represents the fund’s tenth investment. Healthcare is Astorg’s largest sector, with approximately €8 billion invested to date, including co-investments, representing around 40% of the firm’s portfolio. Previous healthcare investments include Solabia, Nexpring Health, CordenPharma, OPEN Health, Cytel, Clario, Nemera, and Echosens.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2026. Thermo Fisher will continue to operate the business until closing.
Support:
Astorg was advised by Evercore and Moelis & Company LLC as financial advisors, and Latham as legal advisor. Thermo Fisher management was advised by Perella Weinberg Partners and Wells Fargo as financial advisors, and Cravath, Swaine & Moore LLP as legal advisor.
KEY QUOTES:
“This investment reflects our strong conviction in microbiology diagnostics and exemplifies Astorg’s approach to creative dealmaking, leveraging deep sector expertise to identify global assets, navigate complexity and translate it into a clear, executable growth strategy.”
Judith Charpentier, Co-Managing Partner and Head of Healthcare, Astorg
“Thermo Fisher’s microbiology business, through its Remel and Oxoid brands, sits at the core of testing workflows in life sciences and plays an important role in global food safety. Its consumables-driven model provides key products in markets supported by strong, long-term structural growth. We are excited to build the next phase on the strong legacy of the business’s approximately 2,400 employees, bringing deep scientific expertise, a track-record of quality and excellence, and trusted customer relationships. We see a wealth of opportunities for the business, across product innovation, commercial depth, and M&A.”
Olivier Lieven, Partner, and Paul Arhanchiague, Managing Director, Astorg
