News & Views
Acquisition to grow Materials Supplier’s capabilities in meeting future R&D demand
Sep 25 2021
One of the latest industry technology strategic moves has been the acquisition of materials supplier Goodfellow by investment firm Battery Ventures, (September 14) that will see further digitisation of the company’s operations and increased product line provision. Terms of the transaction were not disclosed.
Goodfellow Sales Director Simon Kenney, who is set to become the newly appointed CEO, told International Labmate his views on how this would impact the future growth of the company:
“Our immediate goals are to grow Goodfellow both through organic investment in the business and inorganically through M&A with the assistance and support of the Battery team. This includes focusing on growing our already extensive international business and broadening our extensive product range, as well as increasing our focus on digital marketing and sales strategies so that Goodfellow customers can more easily buy materials online. As the industry’s leading trusted supplier with the most comprehensive range of materials for research, development, and specialised manufacturing, it has always been our goal to ensure that our customers can have whatever they want, whenever they need it. The increased investment in the business through our partnership with Battery will enable us to accelerate growth to better serve Goodfellow customers globally.”
Based in Cambridgeshire, UK and with subsidiaries in China, France, Germany and the United States, Goodfellow supplies high-quality raw materials and semi-fabricated components to research and industrial laboratories including advanced product prototype manufacturers.
“Goodfellow has built a strong reputation for first-class customer service in an industry where quality, reliability and expertise is critical,” said Battery Ventures General Partner Jesse Feldman. “We look forward to continuing this heritage and further serving Goodfellow clients worldwide by growing the company’s international business and broadening its product range, including through targeted M&A, as well as improving customers’ digital-procurement experience—allowing them to more easily buy more materials online.”
Simon Kenney will succeed CEO Stephen Aldersley who continues to support the company in a consultancy role through transition to the new ownership. In addition, Battery Ventures Executive-in-Residence Tom Reslewic will join as executive chairman to help the Goodfellow management team grow the business and oversee potential future acquisitions. Battery’s Feldman and Battery Vice President Justin Rosner will join the company’s board.
“Battery Ventures, a well-capitalised, global investment firm, will bring additional resources and a deep expertise in the industrial-technology market to help us accelerate growth in the next phase of Goodfellow’s journey. We look forward to continuing to build on Goodfellow’s legacy and thank Stephen for his key contribution to the business up to this point,” Simon Kenney added.
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