L Squared-backed GSI Group acquires Aven Tools

GSI Group Holdings has acquired Aven Tools, a designer and manufacturer of proprietary precision tools, instruments and accessories. The deal is GSI's fifth acquisition and adds to its family of laboratory workflow brands, which include Globe Scientific, AmScope, Euromex and GenesisBPS.

Aven's portfolio includes digital microscopes, stereo microscopes, LED illumination, cameras, tweezers, magnifiers and other hand tools. Its products are sold through a national dealer network to OEMs and research institutions in North America and abroad.

GSI CEO Jon Brubaker said Aven deepens the company's presence in industrial electronics and medical device workflows. L Squared Capital Partners managing partner Randall Hunt said the deal shows GSI's acquisition playbook at work and that GSI will keep pursuing acquisitions of leading brands in North America and Europe.