Evident hand-held analyzer brand now part of Bain Capital

Evident Co. Ltd., a wholly owned subsidiary of Japan-based Olympus Corp. that makes X-ray analyzers and other optical equipment, has been sold to Boston-based Bain Capital Private Equity LP.

In an acquisition process that was finalized earlier this year, all shares of Evident were transferred to Bain Capital to develop its business with more agile and flexible decision-making based on market needs, leading to further growth as well as to develop more innovative solutions for its customers, according to the companies.

In addition to making X-ray fluorescence (XRF) analyzers used in the metals and scrap recycling sectors, Evident, formerly known as the Olympus Scientific Solutions business, also makes microscopes, industrial videoscopes and fiberscopes and nondestructive testing equipment.

“Bain Capital has a deep understanding of Evident’s business value and growth potential,” says Yasuo Takeuchi, president and CEO of Olympus Corp. “They are capable of providing Evident with a business environment best suited to its business characteristics, which can sustainably maximize its corporate value. I am confident that Bain Capital is the best partner for Evident."

“Bain Capital is committed to supporting Evident on its sustainable growth path to allow the company to foster an accelerated innovation process,” says Yuji Sugimoto, managing director of Bain Capital in Japan.

Stephen Thomas, managing director of Bain Capital in North America, adds, “Evident is at the frontier of digital optical technology in the life science and industrial end markets and has great potential to expand into new products, new customers and new markets as an independent company.”

Evident, which retains its headquarters in Japan, employs about 4,000 people globally.