This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Landauer, Inc. Announces Acquisition Of IZI Medical Products, LLC

GLENWOOD, Ill., Nov. 14, 2011 /PRNewswire/ -- Landauer, Inc. (NYSE: LDR), a recognized global leader in personal and environmental radiation monitoring and the leading domestic provider of outsourced medical physics services, today announced that it has acquired all of the outstanding equity interests of  IZI Medical Products, LLC (IZI Medical Products) of Baltimore, MD, for a purchase price of approximately $93 million. IZI Medical Products is a leading provider of high quality medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures and was a portfolio company of Boston based Riverside Partners, a private equity firm with two decades of experience with middle market healthcare and technology companies.

"IZI Medical Products is a significant addition to our product and service offering to help customers ensure the safe utilization of radiation and supports our growth objectives via strategic expansion," stated Bill Saxelby, President and CEO of Landauer. "IZI Medical Products expands Landauer's addressable market opportunities in both the U.S. and international markets and brings a very talented team of individuals with a similar culture to Landauer. This partnership provides considerable opportunities and resources for the IZI organization and I look forward to working with Helen Shafer, CEO of IZI Medical Products, and her team."

IZI Medical Products has a broad product portfolio ranging from consumables used with MRI, CT, and Mammography technologies to highly engineered consumable passive reflective markers used during Image Guided Surgery procedures. With a global customer base and two decades of research and development expertise, IZI is well positioned to serve the growing and attractive radiation oncology, radiology, and image guided surgery end markets.

Saxelby added, "The acquisition is an excellent strategic fit and enhances our radiation safety continuum offering. There is significant synergy of customers between the companies and the combined brands of two market leaders allows for an expanded breadth of products and services to our healthcare clients.  Sales for IZI Medical Products for the nine months ended September 30, 2011 were approximately $14 million."

"The IZI team is excited about becoming a part of Landauer," said Helen Shafer, CEO of IZI Medical Products. "We believe that Landauer's resources will be of significant value to our long-term growth strategy and the fit from a cultural perspective is outstanding. We look forward to a long and profitable relationship with Landauer."

IZI Medical Products was acquired for approximately $93 million in cash, subject to customary purchase price adjustments. The acquisition is expected to be approximately $0.12-$0.16 accretive to earnings per share in fiscal year 2012. The structure of the transaction also provides Landauer with a future tax benefit with a net present value of approximately $18.6 million.

Senior Debt Facility

Landauer obtained financing for the IZI Medical Products acquisition through refinancing of Landauer's existing debt with a new $175 million revolving debt facility with a term of five years. This new line of credit will support borrowings to cover the purchase price and other costs associated with the transaction, refinance existing debt as well as provide in excess of $40 million for potential future strategic transactions and working capital needs. Robert W. Baird & Co. acted as financial advisor to Landauer on this transaction, while BMO Harris Bank is Administrative Agent and BMO Capital Markets and PNC Capital Markets were Co-Lead Arrangers on the debt refinancing and new debt facility.

Dividend Policy

The Company also announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.55 per share for the first quarter of fiscal 2012. This represents an annual rate of $2.20 per share, consistent with fiscal 2011 levels. The dividend will be paid on January 4, 2012 to shareholders of record on December 9, 2011.

"Landauer is committed to maintaining its dividend policy which enables the company to continue to return cash to shareholders," stated Saxelby.  "We believe that our focus on driving shareholder value, the strength of our product offering and our position as the market leader in global dosimetry services, medical physics services and image guided surgery procedures will continue to drive the growth and development of Landauer over the long term."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.85 -3.00%
FB $117.00 7.40%
GOOG $691.20 -2.10%
YHOO $36.58 -1.00%
TSLA $247.54 -1.60%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,076.02 -19.13 -0.91%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs