One of the largest life science companies with a very diverse product and services base, minimal customer concentration, and a vast geographic footprint; Well-diversified end markets; Strong brand names, with leadership positions in most product lines; High sales predictability with recurring revenues from consumables and services accounting for around 65% of the company's revenue; Very competitive, scale-driven cost structure and superior track record of operational execution; Research and development requirement to match the growing technological sophistication of products; and Moderate exposure to more cyclical industries, such as industrials and dental. Net adjusted debt to EBITDA improving to 2.3x in 2018 and staying below 2.5x going forward, even though we expect the pace of acquisition activity to increase in 2018; Funds
