IDEX Corporation (IEX) recently closed the acquisition of Mexico-based CVI Melles Griot. In early May, IDEX Corporation agreed to acquire CVI Melles Griot from equity investment firm Norwest Equity Partners for about $400 million.
CVI designs and manufactures precision photonic solutions used in the life sciences, research, semiconductor, security and defense markets. The company generated annual revenues of $185 million.
The acquisition is expected to be accretive to IDEX’s earnings within the first full year after acquisition. Management stated that CVI will operate within IDEX’s Health and Science Technologies segment as a key addition to the optics and photonics platform.
CVI’s innovative products include specialty lasers and light sources, electro-optical components, opto-mechanical assemblies, including aspheric lenses, laser mirrors, interference filters and polarizers. CVI produces critical enabling products for demanding applications such as spectroscopy, cytometry, remote sensing, target designation and interferometry.
With this acquisition, the company expects to expand its optics and photonics platform. Post acquisition CVI will integrate with IDEX’s previous acquisitions; Advanced Thin Films (AT Films) and Semrock.
Management also expects to realize strategic selling and operating synergies, which will lead to major collaboration of product design and production capabilities in key areas. Furthermore, these acquisitions will support IDEX’s growth plans and operating model.
In January 2011, the company acquired AT Films for $34.5 million. AT Films specializes in optical components and coatings for applications in the fields of scientific research, defense, aerospace, telecommunications and electronics manufacturing.
Based in Lake Forest, Illinois, IDEX Corporation manufactures and sells a wide range of pumps, flow meters, other fluidics systems and components, and engineered products worldwide. IDEX Corporation specializes in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products which are custom-built.
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