Engineering giant makes £202m swoop for US firm

Birminham engineering giant IMI has acquired Massachusetts-based Adaptas Solutions in a deal worth £202m.

Adaptas Solutions will become part of IMI’s Precision Fluid OEM Business Unit within IMI Precision Engineering. The firm operates in the laboratory science, analytical, and clinical equipment sectors and also has facilities in Pennsylvania, West Sussex, New South Wales in Australia, and Qidong in China.

For the year ending 31 December, Adaptas Solutions is expected to generate revenues of around $83m, with adjusted EBITDA of approximately $17m.

Jay Ray (CEO) and Laura Ray (SVP, global integration), family owners of the business prior to the investment by Ampersand Capital Partners in 2018, will remain with the business post-acquisition.

Roy Twite, Chief Executive of IMI, said:
“Our strategy at IMI is all about delivering tremendous value by solving industry problems – and putting customers at the heart of our decisions and processes. We are delighted to partner with Adaptas whose business model and values are very similar to our own and I am excited to welcome all at Adaptas into the IMI team.”

Beth Ferreira, divisional managing director of IMI Precision Engineering, said: “I am thrilled to welcome Adaptas. The business has fantastic products, and a market-leading position underpinned by deep relationships with global analytical instrument manufacturers. We are very much looking forward to working with Jay Ray, Laura Ray and the whole Adaptas team to solve customer problems together and drive growth of our newly combined businesses.”

Jay Ray, CEO of Adaptas, added: “We have built an excellent business at Adaptas with a great team. I am very excited about continuing our strategy of growth through the development of innovative products and services for our customers, and to work together with our new colleagues at IMI to accelerate the success of our combined businesses.”