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Pamplona Capital Management and Ascent Venture Partners make USD100m investment in Nova Sciences

Pamplona Capital Management (Pamplona), along with Ascent Venture Partners (Ascent), has committed USD100 million to Nova Sciences Holdings (Nova), a new platform formed to acquire metering, monitoring, measurement and control instrumentation businesses.

Nova is led by highly experienced CEO Jim Barbookles and a senior management team that has worked together for fourteen years, during which time they have successfully executed several prior sector consolidations in the industrial instrumentation industry.

Barbookles will be Chairman of the Nova board, which will also include Pamplona Partner Justin Perreault and Ascent General Partner Walter Dick.

Barbookles says: “Over the last fourteen years, the Nova team has acquired over 25 companies and has developed a proven track record of acquiring, operating, and strengthening industrial technology brands. The Nova team is looking forward to combining its operational and technical experience with Pamplona and Ascent’s financial resources and expertise to acquire and grow strong brands in the industrial technology market.”

Justin Perreault, Partner at Pamplona, says: “Pamplona is excited to partner with an outstanding management team with an extensive and successful history of acquiring and operating businesses in the industrial technology sector. As part of Pamplona’s broad interest in industrial technology, we believe we have identified a unique opportunity to back the Nova team in its latest sector consolidation effort. We look forward to assisting Jim and his team in sourcing, evaluating, and funding potential investment opportunities.”

Walter Dick, General Partner at Ascent, says: “Having backed the Nova team in its prior platforms, Ascent is looking forward to participating as an active partner to the Nova team. Through both acquisitions and organic growth, we believe the Nova team has an opportunity to build a global industrial technology business.”

Pamplona’s investment comes from Pamplona TMT I, a USD1 billion US-based private equity fund announced in May 2016 that makes equity investments in technology, media and telecom companies. To date, the fund has announced investments in Dyn, the worldwide leader in Internet Performance Management, and Logicworks, a leading cloud automation and managed services provider. Dyn was subsequently acquired by Oracle in January 2017. Nova is Pamplona TMT I’s initial investment in the industrial technology sector, a focus area for the fund.

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