US and Israel-based technology growth investor Battery Ventures has bought a majority stake in Gas Measurement Instruments (GMI), which specialises in gas detection products.
The $400m Scotland-based company distributes portable and fixed products across a network of 50 countries.
“I’ve worked with Battery on an industrial safety theme for more than a year, and it’s gratifying to acquire such a high quality brand as a platform on which to build,” said Adam Markin, former executive in residence at Battery Ventures, who will become GMI’s CEO.
“GMI’s customers look to them as a trusted source, with proven products known for both reliability and innovation, and I am eager to continue serving them. I am excited to join this winning team and look forward to a successful future,” he added.
In March this year, Battery closed its ninth fund on its $750m target, bringing the total committed capital in Battery’s funds to nearly $4bn.
Copyright © 2011 AltAssets