Pion Inc.

Pion Inc.

Seller:             A specialized service division of Pion, Inc

Buyer:             Full Spectrum Analytics

What made the business attractive to the Buyers?

  • Quality of divisions’ leadership (staying with the acquisition) and highly trained employee base
  • Location of business’ customers (East Coast) dovetailed nicely with the buyer’s customers (West Coast)
  • Core skill set in division was similar, yet specialized, to be different from buyer’s core competency, enabling the buyer to expand services to existing customer base.
  • Consistent year-round revenue
  • Seller was expanding services and growing revenues


  • The business was a division of a larger company
  • Administrative services all provided by parent company

The Company was a division of a scientific testing device manufacturer who acquired the division five years earlier when they were looking to grow in house service capabilities.  The Services Division was a strong player in the test and measurement compliance space for the pharmaceutical industry.  The division worked with the manufacturing arm of these industry leading companies from Massachusetts to North Carolina and other smaller companies across the United States.  

Why did the owners want to sell?

Management thought the two entities would fit nicely together, however in the marketing of the two divisions they created confusion with their customer base who were often unsure if the company’s focus was device manufacturing or compliance services.  This confusion led shareholders to conclude the smaller service division would be a better fit for a more closely aligned service company.

Beacon’s Role:

Beacon prepared an in-depth package telling the story of the division. Included in the package were financials specific for the division, including allocations for administrative expenses paid by the parent company.  Beacon worked with the seller’s accounting team to produce information we knew would answer the questions buyers would ask.  Beacon also prepared a one-page summary of the opportunity which was shared with industry peers respected by Seller’s management.  At the same time Beacon researched ownership of these companies.  Several were owned by Private Equity Firms.  Beacon reached out to the Private Equity partner in charge of these businesses with the one-page summary.  While many business executives were busy running the companies, the private equity partners all responded quickly and with enthusiasm.  Beacon narrowed the field of buyers based on fit as well as initial indications of value.  Beacon invited three buyers for an on-site tour and meeting with management.  After these meetings Beacon solicited offers and negotiated an offer exciting to all parties.


The Owners’ successfully sold their business for greater than their anticipated price in an all cash deal, during the Covid-19 Pandemic.  The minority shareholder, who remained with the division, accepted a leadership position with the new owners, took an ownership stake in the investment and received an exciting employment package which enables him to benefit from the future growth of the business.   The majority shareholder remained with the larger division.  The shareholders remain strong friends and the buyer and seller entities created a mutually beneficial business relationship for overlapping clients.

About Beacon Equity Advisors – Since 1985 Beacon Equity Advisors, a leading New England M&A advisory firm with offices in eight key cities, including in Boston, MA and Providence, RI has represented owners selling closely held businesses such as Pion, Inc, of Billerica, MA and Benson, NC.  Pion is a leader in the pharmaceutical testing industry, conducting compliance and chemical analysis for drug manufacturers in North Carolina, Pennsylvania, Tennessee as well locations across the country.  Beacon Equity Advisors’ experience selling companies in the test and measurement industry enabled them to tell an engaging story about this compliance industry business.  Highlighting key enterprise attributes enhanced the company’s value as Beacon identified prospective buyers who were able to clearly recognize synergistic opportunities. By matching the right buyer with the right seller, shareholders were able to realize an above market value multiple in the sale of their business. Beacon represented the Board of Directors and Shareholders in identifying the buyer, negotiating deal terms and brokering the transaction to a firm in Orange, California.

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