KKR Completes Acquisition of Industrial Physics, Welcomes Barry Lyon as Chief Executive Officer and Lance Reisman as Chairman
July 28 2023 - 7:43AM
Business Wire
KKR, a leading global investment firm, announced the completion
of the previously announced acquisition of Industrial Physics (the
“Company”), a leading provider of test and measurement
instrumentation, by investment funds managed by KKR on July 19,
2023. In conjunction with transaction close, Barry Lyon has been
appointed Chief Executive Officer (CEO), and Lance Reisman has
assumed the role of Chairman of the Board. Barry succeeds Jim
Neville, who has led the Company since 2016.
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Barry Lyon, CEO of Industrial Physics
(Credit: Industrial Physics)
Barry joins Industrial Physics after over fifteen years with
Danaher Corporation (“Danaher”), including more than five years
leading large global businesses in the test and measurement
industry. Most recently, Barry served as the President of
Microbiology for Beckman Coulter, a global clinical diagnostics
company and Danaher operating company. Before then, he was
President of Sea-Bird Scientific, a market leading provider of
instrumentation utilized in ocean research. Barry also spent nearly
eight years in various roles at Hach, a global leader in water
quality testing instrumentation, where he worked closely with
Lance. Barry’s strong track record of driving accelerated growth
and operational excellence makes him well positioned to lead
Industrial Physics in its next chapter.
“I am honored to join Industrial Physics and work alongside
Lance and the rest of the talented team at Industrial Physics,”
said Barry Lyon. “Industrial Physics has created an impressive
global portfolio of leading brands and I am excited to build upon
this foundation to better serve our customers and drive future
growth, both organically and through acquisitions. I am enthused to
work with KKR as a strategic partner and to lead the roll out of a
broad-based equity plan in which all Industrial Physics colleagues
will become owners of the business.”
Lance is an Executive Advisor to KKR and currently serves as a
Board Director at Flow Control Group and as Chairman of the Board
at GeoStabilization International. Lance previously worked at
Danaher, most recently as Group Executive and Vice President
responsible for Danaher’s Water Quality Platform. In this role,
Lance led holistic operational and commercial transformations and
executed a number of strategic acquisitions. Earlier, he spent six
years in various senior leadership roles at Hach, ultimately
leading the business as President.
“I am thrilled to join the Board of Industrial Physics and look
forward to working with Barry and this talented team to achieve a
new phase of growth and innovation,” said Lance Reisman. “Barry is
a dynamic and passionate business leader with a strong track
record. His leadership and business acumen, combined with
Industrial Physics’ leading portfolio of products, services and
technical capabilities, will help the Company realize its full
potential as a leading specialized testing and measurement partner
across a wide range of industries and geographies.”
KKR plans to support Industrial Physics in implementing a
broad-based employee ownership program, which will give employees
the opportunity to participate in the benefits of ownership of the
Company. This strategy is based on the belief that employee
engagement is a key driver in building stronger companies. Since
2011, KKR has awarded billions of dollars of total equity value to
over 60,000 non-management employees across over 30 companies. Last
year, KKR joined more than 20 organizations in becoming a founding
partner of Ownership Works, a nonprofit created to support public
and private companies transitioning to shared ownership models.
About Industrial Physics
Industrial Physics is the world’s leading test and measurement
partner protecting the integrity of the biggest brands across the
globe. The Company manufactures and markets materials testing
instruments for measuring physical and analytical properties of
plastics, barrier films, paper, pulp, foil, ink, coatings,
corrugated materials, cans, medical devices, and consumer
electronic products. For more information, visit
www.industrialphysics.com.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people and supporting growth in its portfolio companies
and communities. KKR sponsors investment funds that invest in
private equity, credit and real assets and has strategic partners
that manage hedge funds. KKR’s insurance subsidiaries offer
retirement, life and reinsurance products under the management of
Global Atlantic Financial Group. References to KKR’s investments
may include the activities of its sponsored funds and insurance
subsidiaries. For additional information about KKR & Co. Inc.
(NYSE: KKR), please visit KKR’s website at www.kkr.com and on
Twitter @KKR_Co.
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version on businesswire.com: https://www.businesswire.com/news/home/20230728635702/en/
Media For Industrial Physics: Naomi Wainwright
naomi@refreshpr.co.uk +44 161 871 1188 For KKR: Miles
Radcliffe-Trenner and Emily Cummings (212) 750-8300
media@kkr.com
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