Azenta this week announced a definitive agreement to acquire B Medical Systems, a company that specializes in temperature-controlled storage and transportation solutions.
The cash purchase price to be paid at closing will be approximately €410 million (about USD$420.9 million). Additional cash consideration, up to €50 million, may be paid upon achievement of certain future performance milestones.
The transaction is expected to close in October 2022.
B Medical is headquartered in Hosingen, Luxembourg and is a vaccine cold chain provider serving primarily fast-growing emerging markets, which require secure and reliable temperature-controlled storage and transport solutions.
The portfolio includes vaccine transport systems with real-time monitoring solutions, medical refrigeration for ambient to -86°C temperatures and blood management solutions.
B Medical has an installed base of more than 500,000 units spanning approximately 150 countries across the globe.
The Luxembourg headquarters includes a state-of-the-art, highly automated manufacturing facility.
This acquisition complements Azenta's cold chain capabilities, adding differentiated solutions for reliable and traceable transport of temperature-sensitive specimens.
B Medical generated approximately €109 million in revenue over the past twelve months ending June 30, 2022. Management expects the acquisition to be accretive to non-GAAP earnings in fiscal year 2023 and accretive to GAAP earnings in fiscal year 2024.
In connection with the transaction, Jefferies LLC acted as the exclusive financial advisor and Taylor Wessing acted as legal counsel to Azenta.