Porvair PLC Acquisition (5869B)
April 05 2017 - 2:00AM
UK Regulatory
TIDMPRV
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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