IDEX Corporation (NYSE: IEX) announced today that it has acquired ERC from MH Capital Partners II, L.P. (“MH Capital”). ERC is a leader in the manufacture of gas liquid separations and detection solutions for the life science, analytical instrumentation and clinical chemistry markets.
ERC’s pioneering products include in-line membrane vacuum degassing solutions, refractive index detectors and ozone generation systems. ERC’s original equipment degassing solutions are considered the “standard” for many of the world’s leading instrument producers. Located in Kawaguchi, Japan, ERC has a global customer base and annual revenues of approximately ¥2.14 billion. ERC will operate within IDEX’s Health and Science Technologies segment. With cash consideration of approximately ¥1.65 billion, ERC is expected to be accretive to IDEX’s earnings within the first full year after acquisition.
Commenting on the acquisition, IDEX Chairman and Chief Executive Officer Andrew Silvernail stated, “We are thrilled with the opportunity to add ERC to our Health and Science Technologies platform. ERC provides IDEX with access to key analytical instrumentation customers, a strong manufacturing base in Japan, vital products for clinical diagnostic applications and a gateway to the burgeoning instrumentation markets of Asia. We look forward to significant collaboration in the critical areas of new product design, global sourcing and manufacturing, as we realize strategic account management and operating synergies. We believe ERC affords IDEX Health and Science a unique opportunity to strengthen our product offering for current customers as well as providing access to new and influential market participants.” ERC President, Yoshio Ishii, added, “we believe the chance to join IDEX’s Health and Science Technologies segment and their global family of brands is a great opportunity for our customers, suppliers and employees. IDEX’s commitment to the instrumentation market is well established, and we look forward to working together to achieve continued growth and success in this marketplace.”