Idex to Acquire CVI Melles Griot for $400M
LAKE FOREST, Ill., May 11, 2011 — Lasers and optical equipment maker CVI Melles Griot will be acquired by engineered industrial products manufacturer Idex Corp. for $400 million in cash and will serve as the cornerstone of its expanding optics and photonics platform, Idex announced today.
Albuquerque, N.M.-based CVI Melles Griot has annual revenue of approximately $185 million. The company designs and manufactures lasers and optical equipment used in the life sciences, research, semiconductor, security and defense markets for applications such as spectroscopy, cytometry, remote sensing, target designation and interferometry.
CVI will be acquired by Idex from Norwest Equity Partners, a market equity investment firm, and will operate within Idex's Health and Science Technologies segment, Idex said. CVI is expected to be accretive to its earnings within the first full year after acquisition.
It is the latest photonics-industry company of several that Idex has acquired in recent years.
"CVI will now join ATFilms, acquired earlier this year, and Semrock, acquired in 2008 as part of our optics and photonics platform," said Idex Chairman and CEO Larry Kingsley. "We believe the CVI Melles Griot group, Semrock and ATFilms have precisely the type of enabling technology which binds them to their customer and aligns well with Idex's growth plans and operating model."
"Idex has demonstrated a strong commitment to its Life Sciences business segment and a sustained focus on growing the optics and photonics platform," said CVI CEO Stuart Schoenmann. "We are proud to become an integral part of this expansion, and we are very pleased with the opportunity to collaborate with market leaders such as Semrock and ATFilms."
The transaction is subject to regulatory approval and other customary conditions and is expected to close within 30 to 45 days.
For more information, visit: www.idexcorp.com
- The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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