Acquisition

RNS Number : 5869B

Porvair PLC

05 April 2017

 



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

 

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