Last checked at 5 Apr 2017 07:00
For immediate release 5 April 2017
Porvair plc
Acquisition
Porvair ("the Group"), the specialist filtration and environmental technologies group, announces the acquisition of J. G. Finneran Associates, Inc. ("JGF"). JGF, based in Vineland, New Jersey, designs, manufactures and distributes specialist laboratory consumables including filters, vials, microplates, closures and ancillary products.
On 4 April 2017, Porvair acquired 100% of the issued share capital of JGF and its related freehold property from the Finneran family ("the Acquisition").
The initial consideration for the Acquisition is $8.0m, payable in cash, with a further deferred cash payment of up to a maximum of $6.0m, payable in the years ending 30 November 2018 and 2019, subject to the satisfaction of certain growth targets during the years ending 31 March 2018 and 2019. The Acquisition is expected to be earnings enhancing in its first full year of ownership.
The Board sees a good fit between JGF and Porvair's already established life science and biotechnology activities. JGF brings manufacturing capabilities and strong US distribution to the Group. Together the businesses have a broad product offering for chromatography, sample preparation and environmental laboratories. Opportunities exist for combining manufacturing and marketing activities.
The Board is pleased to welcome the Finneran family and JGF staff to the Porvair Group.
For further information, please contact:
Porvair plc | 01553 765 500 | |
Ben Stocks, Chief Executive | ||
Chris Tyler, Group Finance Director | ||
Buchanan Communications | 0207 466 5000 | |
Charles Ryland / Stephanie Watson |
Notes to editors
Porvair plc
Porvair is a group of specialist filtration and environmental technology businesses. Its products are used in a range of niche filtration markets, and are derived from its expertise in the design and manufacture of filtration systems using ceramic, metal, plastic and carbon media. Its Seal Analytical business is a market leader in the manufacture of laboratory based water analysis equipment.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014