Sweden Billionaire Dynasty Wallenberg Family Investor AB (Patricia Industries) Buys United States Analytical Instruments Group Nova Biomedical via Advanced Instruments in Merger Acquisition for $2.2 Billion Enterprise Value, Nova Biomedical Founded in 1976 by Frank Manganaro & Dr Chung-Chang Young
20th March 2025 | Hong Kong
Sweden billionaire dynasty Wallenberg family Investor AB (Patricia Industries) has announced to buy United States analytical instruments group Nova Biomedical via Advanced Instruments in merger acquisition for $2.2 billion enterprise value. Nova Biomedical was founded in 1976 by Frank Manganaro & Dr Chung-Chang Young. Nova Biomedical – Nova Biomedical is a global provider of analytical instruments and consumables for the biopharmaceutical and clinical markets. The company’s innovative products are used in over 100 countries by leading biopharmaceutical companies and hospitals. Nova’s clinical products provide point-of-care analysis and monitoring of critical analytes including blood gases and glucose used to diagnose and monitor patients in hospital settings. Nova’s biopharmaceutical products provide mission-critical analytics for research laboratories and drug manufacturing facilities, accelerating and improving the drug development process and product quality. Nova is headquartered in Waltham, Massachusetts and has approximately 1,600 employees. In 2025 March, the Wallenberg family is advancing the family 6th generation into their business empire. Wallenberg family key holdings include Investor AB ($94 billion market value), leading European private equity firm EQT ($28 billion market value), Knut & Alice Wallenberg Foundation and Wallenberg Investments. The new proposed board members & employees include Stéphanie Gandet, Siri Sachs, Tessa Pilkington, Fred Wallenberg, Jacob Wallenberg Jr & Elsa Wallenberg Esser. The Wallenberg 6th generation has around 30 individuals.
“ Sweden Billionaire Dynasty Wallenberg Family Investor AB (Patricia Industries) Buys United States Analytical Instruments Group Nova Biomedical via Advanced Instruments in Merger Acquisition for $2.2 Billion Enterprise Value, Nova Biomedical Founded in 1976 by Frank Manganaro & Dr Chung-Chang Young “
Advanced Instruments – Advanced Instruments is a global provider of scientific and analytical instruments for the biotechnology, clinical, and food and beverage industries. For more than 70 years, the company’s innovations have helped organizations improve quality of results, achieve reliable outcomes, and increase workplace productivity. Advanced Instruments has a diverse portfolio of products, including freezing point osmometers, technologies for cell line development, liquid handling verification instrumentation, cerebrospinal fluid cell counters, anaerobic jar systems, and testing standards and controls. Advanced Instruments is based in Norwood, Massachusetts and is majority owned by Patricia Industries.
Nova Biomedical – Nova Biomedical is a global provider of analytical instruments and consumables for the biopharmaceutical and clinical markets. The company’s innovative products are used in over 100 countries by leading biopharmaceutical companies and hospitals. Nova’s clinical products provide point-of-care analysis and monitoring of critical analytes including blood gases and glucose used to diagnose and monitor patients in hospital settings. Nova’s biopharmaceutical products provide mission-critical analytics for research laboratories and drug manufacturing facilities, accelerating and improving the drug development process and product quality. Nova is headquartered in Waltham, Massachusetts and has approximately 1,600 employees.
Patricia Industries – Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period and focus on building durable value and capturing organic and non-organic growth opportunities.
Investor AB – Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class.
Sweden Billionaire Dynasty Wallenberg Family Advances 6th Generation into Business Empire, Key Holdings Include $94 Billion Investor AB, Leading European Private Equity Firm $28 Billion EQT, Knut & Alice Wallenberg Foundation and Wallenberg Investments, New Board Members & Employees Include Stéphanie Gandet, Siri Sachs, Tessa Pilkington, Fred Wallenberg, Jacob Wallenberg Jr & Elsa Wallenberg Esser, 6th Generation with Around 30 Individuals
11th March 2025 – Sweden billionaire dynasty Wallenberg family is advancing the family 6th generation into their business empire. Wallenberg family key holdings include Investor AB ($94 billion market value), leading European private equity firm EQT ($28 billion market value), Knut & Alice Wallenberg Foundation and Wallenberg Investments. The new proposed board members & employees include Stéphanie Gandet, Siri Sachs, Tessa Pilkington, Fred Wallenberg, Jacob Wallenberg Jr & Elsa Wallenberg Esser. The Wallenberg 6th generation has around 30 individuals. Announcement (10/3/25): “Following the announcements today by Investor AB’s nomination committee proposing Fred Wallenberg as a new board member, and EQT’s nomination committee proposing Jacob Wallenberg Jr as a new board member, we would like to share additional information about other upcoming changes involving members of the sixth generation throughout the year. The core of the succession work is our ambition to provide the sixth generation with opportunities to engage in activities closely connected to the family. Our succession process has been ongoing for over a decade, and we have tried to be transparent in terms of, not the least, the principles underlying this work. Our work with the foundations, the business, and the family is guided by our commitment to Sweden’s long-term best interests, aligning with the statutes of our largest and oldest foundation, the Knut and Alice Wallenberg Foundation, which aims to work for the betterment of the country. We are pleased that significant progress has been made in recent years regarding succession, and that this continues through 2025. We aim to support the sixth generation in their professional growth and career development. The sixth generation comprises around 30 individuals, most of whom have expressed interest in contributing to family activities. Given the broad age range, today’s announced changes are part of an ongoing process rather than definitive decisions about long-term roles. Several family members are still under 25, and the seventh generation continues to grow. We are grateful that several individuals will have opportunities to contribute and develop in new roles during 2025. The following changes are proposed for 2025: 1) Stéphanie Gandet – proposed board member, Knut and Alice Wallenberg Foundation, 2) Siri Sachs – proposed board member, Wallenberg Investments AB, 3) Tessa Pilkington – proposed board member, Nineteen Private Capital AB, 4) Fred Wallenberg – proposed board member, Investor AB, 5) Jacob Wallenberg Jr – proposed board member, EQT AB, 6) Elsa Wallenberg Esser – joining the Wallenberg Foundations as an employee … … In addition, around ten other sixth-generation family members are already involved in family-connected holdings and foundations in the capacities of board observers. Several also hold careers in organizations associated with the Wallenberg Foundations and Wallenberg Investments AB, both in Sweden and internationally.” Wallenberg Investments AB administers the Wallenberg Foundations and manages and develops their assets. The largest assets of the Wallenberg Foundations are the partly owned industrial holding company Investor AB, listed on the Stockholm Stock Exchange, and the wholly-owned holding companies Wallenberg Investments, FAM, Navigare Ventures and Nineteen Private Capital. The largest Wallenberg Foundations are the Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation, and the Marcus and Amalia Wallenberg Foundation.
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