Specialist laboratory equipment manufacturer acquired for $10m

IMI, the Solihull-based engineering firm has acquired CorSolutions, a New York laboratory equipment manufacturer and supplier for $10m.

CorSolutions brings microfluidic capabilities to IMI’s product portfolio and will become part of IMI’s Precision Fluid OEM business unit within IMI Precision Engineering.

IMI says this is an important addition to its life sciences sectors and will complement the offering from Adaptas Solutions, which IMI acquired in late 2021. By joining IMI, CorSolutions gains access to key scaling capabilities to meet growing customer demand.

The initial cash consideration of $10m on a cash-free and debt-free basis will be funded from IMI’s existing facilities, with additional consideration payable dependent on achieving certain future milestones.

Roy Twite, Chief Executive of IMI, said: “We create tremendous value by solving acute customer problems in attractive markets, supported by selective acquisitions that enhance our capabilities and growth potential.

“CorSolutions is an incredibly innovative business that expands our opportunities in the growing life sciences sector. We are excited by both the plans for growth and the opportunity to enhance shareholder value by realising synergies with our Adaptas business.”