Full Spectrum Enters Equity Partnership with Pfingsten Partners LLC
Dear Valued Customers,
As you may know, Full Spectrum Group has been growing rapidly over the last few years, in large part from the support of business partners and customers like you. In order to continue this growth and take advantage of an increasing number of exciting market opportunities, a decision was made to review options to recapitalize our business. Full Spectrum Group recently made changes we feel are necessary to expand our position as the leading independent repair, maintenance and qualifications service provider in the laboratory instrumentation market.
I am pleased to announce a new equity partnership between Full Spectrum and Pfingsten Partners LLC (“Pfingsten”). Please note that Alan Chan, John Martin and I will continue to be part owners in the business. Pfingsten is a long-established private equity group with decades of experience investing in businesses like Full Spectrum Group. Pfingsten brings substantial financial and operational resources that will help take our business to the next level and ensure our ability to take full advantage of all market opportunities.
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China, New Delhi, India and Chennai, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised five investment funds with total commitments of approximately $1.3 billion and has acquired 135 manufacturing, distribution and business services companies. For more information, visit pfingsten.com.
We know that there may be numerous questions that come to mind – and we will do our best to answer all of them. Please let me know if you would like to set up a time to discuss any concerns you may have. But in short, we expect very little to change. Our decision was made to support the recent accelerated growth that was made possible by the boundless relationships we’ve built together. Our management team will remain the same, your field service representatives and account managers will remain the same, the brand will remain the same, etc. In the long run, we know partnering with Pfingsten will help us take the next steps needed to address the recent growth as we continue to build future accomplishments.
We are very excited about what the future holds for all of us. Some of our short-term plans include 1) expanding our Field Service and Sales Teams throughout the US; 2) the release of proprietary software that will reduce the time to complete all Instrument Qualifications Tests by half; 3) faster instrument deliveries from the Instrument Refurbishment Group; and 4) introduction of our LifeCycle Planning and Contracts Management Program that will significantly reduce the time and efforts customers currently must put into managing their laboratory services and qualifications. This growth and addition will continue to strengthen Full Spectrum Group’ position as the leader in Analytical Instrument Services.
Of course, you will continue to be a valued customer and an important part of our business. We could not continue to be successful without you. Your trust and support have been an important part of our relationship throughout the years, and we truly value it.
We thank you in advance for your continued support. We look forward to an even closer relationship with you. Please feel free to contact me if you have any questions.