Mayer Brown has advised private equity investor Sullivan Street Partners on their carve-out acquisition alongside Souter Investments of Tracerco, the diagnostic services business of FTSE 100 chemicals and technology group Johnson Matthey.

Tracerco is a global business providing specialised detection, diagnostic, and measurement solutions, operating out of sites in 16 countries to service over 50 jurisdictions. Sullivan Street brings extensive carve-out and operational expertise to support Tracerco’s separation from Johnson Matthey plc and to establish it as a strong, standalone company.

Sullivan Street Partners is a new private equity client of the London Office of Mayer Brown and the deal was a cross-office collaboration including teams from the US, Brazil and Dubai Offices. The transaction continues Mayer Brown’s long track record of advising on private equity-led carve-out transactions and co-investments. The transaction is subject to customary completion conditions and is expected to complete in the third quarter of 2023.

The Mayer Brown team was led by Private Equity partners Electra Callan and Tarun Patel and included senior associate Daniel Williams, associates Anna Jackson-Smith and Niki Mehta (all Corporate & Securities), Banking & Finance partner Stuart Brinkworth, Tax partner Simon Rose, partner Miriam Bruce and senior associate Sarah Reeve-Young (both Employment & Benefits), partner Iain Roberts and senior associate Alice Miller (both Real Estate), Environmental & Planning partner Tim Baines, partner Mark Prinsley, associates Ellen Hepworth and Reece Randall (all IP), Litigations & Disputes partner Jason Hungerford and International Trade counsel Paul Whitfield-Jones.