IDEX Completes Acquisition of Scivex
IDEX Corporation announced the completion of its previously-announced acquisition of Scivex, Inc., a leading provider of fluidic components and systems for the analytical, biotechnology and diagnostic instrumentation markets.
Scivex, which represents a strategic expansion of IDEX's life sciences business, will be operated as a standalone business as part of the IDEX Pump Products Group. Scivex was previously owned by KRG Capital Partners, a middle market private equity firm based in Denver, Colorado. Terms of the cash transaction were not disclosed.
Scivex operates Upchurch Scientific in Oak Harbor, Washington; Sapphire Engineering in Pocasset, Massachusetts; and J.L. White in Santa Clara, California, and has annual sales of approximately $31 million. Scivex is a leading developer, manufacturer and marketer of highly-engineered, cost-effective fluidic solutions for the analytical, biotechnology, clinical diagnostic and related life sciences market.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Dennis K. Williams said, "Scivex fits IDEX's growth strategy exceptionally well and is an excellent addition to our company. The combination of Micropump, Ismatec, Trebor, Rheodyne, Systec and Scivex will significantly enhance our ability to meet our customers' needs in the growing, global market for analytical, biotechnology, medical and diagnostic instrumentation solutions."
Alan Schell, chief executive officer of Scivex, Inc., said, "We are excited to become part of IDEX, a world leader in fluid-handling technologies. Together, our companies are well positioned to meet the global demand for high-value, cost-effective fluidic components and sub-assemblies used in the analytical, biotechnology, clinical diagnostic and related life sciences markets."
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements are indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "management believes," "the company believes," "the company intends," and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. For a discussion of such risks and factors that could cause actual results to differ from those contained in the forward-looking statements, please see "Risk Factors" in the company's annual report or Form 10-K for the most recent fiscal year, as well as the company's other filings with the Securities and Exchange Commission. Management undertakes no obligation to publicly update the forward-looking statements contained in this release. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
About IDEX Corporation
IDEX Corporation is the world's leading provider of positive displacement pumps, dispensing equipment for color formulation, and other highly engineered products. Its products are sold to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol "IEX."
Source: IDEX Corporation