Rand Capital selling portfolio company SciAps to Spectris for up to $260M

Rand Capital announced that SciAps, a portfolio company in which Rand has an equity and debt investment, is to be acquired by Spectris for consideration of up to $260M comprised of up-front consideration of $200M plus a deferred element of up to $60M payable subject to SciAps attaining certain financial metrics. Completion expected to take place later this year. SciAps has been in the Rand portfolio for nearly eleven years during which time Rand provided an initial equity investment, several follow-on equity investments and most recently invested $2.1M in August 2021 as a secured note. Rand holds approximately 6% of the equity of SciAps with a cost basis of $3.1M. Total cost of the investment was $5.2M including the recent debt instrument. The portfolio company represented 8.5% of Rand’s net asset value as of March 31.