Kimball Electronics said it has acquired Helvoet Polymer Technologies B.V., a contract development and manufacturing organization (CDMO) based in Europe, with operations in India, and focused on microfluidics, diagnostics and drug delivery.
The transaction was valued at a purchase price of €90 million (excluding working capital, other customary adjustments, and acquisition-related costs), or approximately $103 million, representing approximately 9x estimated adjusted EBITDA for Helvoet in calendar 2026. Kimball funded the acquisition through a combination of cash and available borrowing capacity on existing lines of credit. Pro forma leverage following the close remains consistent with the capital allocation priorities of Kimball.
“Helvoet is exactly the type of acquisition we’ve been building toward, a highly specialized medical CDMO with comprehensive capabilities in microfluidics, diagnostics, and drug delivery, serving blue-chip customers in the fastest-growing segments of healthcare. The acquisition is central to our strategy of establishing Kimball as a true global medical CMO platform with a strengthened presence in Europe, access to the India market, and a clear path for accelerating growth in the U.S. by leveraging our new manufacturing facility in Indianapolis," said Kimball CEO Richard D. Phillips in a statement.
Based in the Netherlands, Helvoet was founded in 1939 and most recently operated as a wholly-owned subsidiary of Hydratec Industries N.V., with manufacturing facilities in Tilburg, Netherlands, and Pune, India. In calendar 2025, revenue totaled approximately $56 million with an EBITDA margin rate in the mid-teens. Over 70% of revenue was from medical customers and the balance derived from other end markets that deliver strong margins and support continued reinvestment in the medical business.
Helvoet will continue to be led by its current leadership team, including CEO Hogenkamp, who will remain a key driver of the business going forward.
