£202m acquisition of laboratory science manufacturer completes
Birmingham engineering giant IMI has completed its acquisition of 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.
Roy Twite, Chief Executive of IMI said: “I would like to welcome Adaptas and all its employees to IMI. With Adaptas, we have created a significant opportunity to enhance IMI’s current position in the Life Science Instrumentation markets. Our combined expertise will help solve more industry problems and deliver our purpose: breakthrough engineering for a better world.”
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.
For the year ending 31 December, Adaptas Solutions is expected to generate revenues of around $83m, with an adjusted EBITDA of approximately $17m.
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.”