IDEX Corporation Enters Into Agreement to Acquire Scivex, Inc.
IDEX Corporation announced that it has entered into a definitive agreement to acquire Scivex, Inc., a leading provider of fluidic components and systems for the analytical, biotechnology and diagnostic instrumentation markets.
Scivex is a portfolio company of KRG Capital Partners, a middle market private equity firm based in Denver, Colorado. The transaction is subject to certain conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act. 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. Its primary products include a wide variety of high tech components including fittings, tubing, check valves, pistons, filters as well as dispensing pumps, micro and nano-scale fluidic modules. It is expected that Scivex will be operated as a standalone business in IDEX's Pump Products Group.
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