Excellere Partners and GHO Capital Sell Biocare Medical to Agilent Technologies

• Agilent to acquire Biocare in an all-cash transaction valued at $950 million
• Transaction follows significant period of growth under Excellere Partners and GHO Capital stewardship, with annual double-digit revenue and profit growth since 2021

Denver, CO and London, UK, 9 March 2026: Excellere Partners (“Excellere”), a Denver-based private equity firm specializing in partnering with entrepreneurs and management teams, GHO Capital Partners LLP (“GHO”), a specialist investor in global healthcare, and Biocare Medical (“Biocare”), a global leader of immunohistochemistry (IHC), in situ hybridization (ISH) and fluorescence in situ hybridization (FISH) solutions, today announce that Biocare has entered into an agreement to be acquired by Agilent Technologies (“Agilent”, NYSE:A), a prominent player in life sciences, diagnostics, and applied chemical markets.

Biocare has grown significantly under Excellere and GHO’s ownership. Since 2021, the company has achieved annual double-digit revenue and profitability growth through the strengthening of its core IHC business, expanding into molecular diagnostics via acquisition, whilst reinforcing executive leadership. Biocare has now become a recognized specialist in IHC, ISH, and FISH with a high-quality antibody business and strong commercial, regulatory and R&D capabilities.

With a focus on serving life sciences and diagnostics and a particular expertise in cancer diagnostics, Agilent’s strategy closely aligns with that of Biocare and the transaction is expected to expand the complementary capabilities of both businesses. The acquisition will enable Biocare to grow from a position of strength, building on its existing customer solutions and maintaining a strong focus on world-class quality and innovation.

In a joint statement, Excellere and GHO conveyed their gratitude and appreciation in supporting the Biocare team over the last several years: “Working closely with Luis and the Biocare management team, we have been proud to support their significant growth and success by applying our tried and tested growth playbook and leveraging our deep expertise and network in life science tools and diagnostics to build the company into the successful global business it is today. With its exceptional team and strengthened capabilities, Biocare has developed into a recognized leading innovator in IHC solutions, improving the diagnosis and treatment of patients. As it continues its growth trajectory, we are pleased to have found the right partner in Agilent - one that can utilize its global reach and resources to unlock even greater market access, enhanced customer support, and accelerated innovation for Biocare’s customers worldwide.”

Luis de Luzuriaga, Chief Executive Officer at Biocare Medical, commented: “The acquisition by Agilent is an exciting milestone for Biocare. By joining Agilent and combining our complementary capabilities in cancer diagnostics, we will expand our operational scale, accelerate innovation, and enhance the level of service we provide to customers and partners – ultimately benefiting the patients we serve. After years of significant progress, this is the right time to move forward with new ownership aligned with our commitment to product quality, clinical impact, and value creation. I would like to thank our investors, Excellere Partners and GHO Capital, whose support and counsel have been instrumental in building Biocare into the company it is today.”

The transaction is subject to closing conditions and the receipt of transaction-related regulatory approvals.

Jefferies is serving as exclusive financial advisor and Ropes & Gray LLP is serving as legal advisor to Excellere Partners and GHO Capital. ICR Healthcare is serving as strategic communications advisor to GHO Capital.

Barclays is serving as financial advisor, Sullivan & Cromwell LLP is serving as legal advisor and Joele Frank is serving as strategic communications advisor to Agilent.

###

About Excellere Partners

Excellere Partners is a Denver-based private equity firm with $2.3 billion of committed capital across four funds that specialize in partnering with entrepreneurs and management teams through growth recapitalizations and management buyouts. The firm employs a research-driven, top-down investment strategy and supports its entrepreneurs and management teams with a proprietary value-creation process designed to enhance the corporate and operational infrastructure for scalability and growth. Excellere’s investments are focused on emerging growth companies positioned to benefit from industry consolidation and favorable macroeconomic and demographic trends. The Firm’s targeted industry sectors include healthcare, industrial growth, and business services. For more information about Excellere, please visit  https://www.excellere.com

About GHO Capital

Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor headquartered in London. We apply global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalization to build businesses of strategic global value. Our proven investment track record reflects the unrivalled depth of our industry expertise and network. We partner with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit www.ghocapital.com.

For further information or queries, please contact

Excellere Partners media enquiries
Tracie Kelly
Tel: +1 (303)-765-2374
tkelly@excellere.com

GHO Capital media enquiries
ICR Healthcare
Amber Fennell, Angela Gray, Kris Lam
Tel: +44 (0) 20 3709 5700
ghocapital@icrhealthcare.com