IDEX Corporation announced today the acquisition of CIDRA Precision Services, a leader in the design, manufacture and sale of microfluidic components serving the life science, health and industrial markets.
Located in Wallingford, CT, CiDRA Precision Services has revenues of approximately $9 million and will operate in our Scientific Fluidics platform, and as part of the Health & Science Technologies segment. CiDRA was acquired for a cash consideration of $19.5 million with an earn-out up to $5.5 million contingent on the achievement of financial objectives in the 12-month period following closing. The transaction is expected to be accretive to IDEX earnings in the first full year after closing.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Andy Silvernail stated, “CiDRA Precision Services represents our third acquisition in 2015 and provides a critical building block to our emerging microfluidic and nanofludics platform. The company’s market leading technology and product portfolio are a fantastic fit with the IDEX microfluidics growth strategy. We look forward to CiDRA Precision Services joining IDEX and we believe the transaction will accelerate our joint growth prospects in the microfluidics space.”
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