Overview

Grenova has completed a growth recapitalization with Peloton Equity to accelerate the company’s strategic objectives.

Significance

Continued growth in the diagnostics and research markets has driven increased demand for disposable plastic lab supplies such as pipette tips, syringes, and cell culture flasks. At the same time, U.S. labs are facing intense pressure from external stakeholders to reduce this plastic lab waste, approximately 2 million tons of which are produced each year in life sciences laboratories alone. These factors, combined with the rising cost of these plastic items and a surge in demand for COVID-19 testing, have driven many labs to look for alternatives to single-use pipettes and other plastic consumables.

Grenova offers a robust suite of high throughput instruments that sterilize and decontaminate pipette tips so they can be safely reused, to advance healthcare toward a more sustainable future by lowering costs in the laboratory industry, reducing biohazard waste in the environment, and mitigating supply chain risk for plastic consumables. The Company has rapidly built a market-leading position in pipette sterilization supported by a strong suite of intellectual property and is poised to meet the growing and additional demand for sterilization of other plastic lab consumables.

Crosstree’s Role

Crosstree acted as exclusive financial advisor to Grenova in its recapitalization with Peloton Equity through:

• Synthesizing the client’s unique offering and market position into a clear and compelling value proposition
• Evaluating a targeted slate of potential financial partners with relevant industry expertise and relationships to augment Grenova’s capabilities
• Tailoring a capital structure to deliver exceptional returns to early investors and support future value creation