Idex Corp. (NYSE: IEX) has agreed to buy safety equipment maker Akron Brass Holding Corp. from Premier Farnell plc for about $224 million in cash.
Akron Brass, based in Wooster, Ohio, manufactures monitors, nozzles and lights for firefighters and other emergency responders. The target operates under the Akron Brass and Weldon brands and generated $120 million in revenue in 2015. Premier, a Leeds, England-based electronics technology distributor, says it put Akron up for sale in 2015 as part of the company’s plan to focus on growing profits.
“This combination is a high value creation opportunity and will expand our leading business in an end market that we are very familiar with,” says Idex CEO Andy Silvermail.
In addition to fire and safety equipment, Idex makes pumps and meters that measure fluids for the health care and sciences sector. In 2015, the Lake Forest, Illinois-based company purchased valve producer Alfa Valvole and microfluid technology company Cidra Precision Services.
3M (NYSE: MMM) is another strategic buyer that has been looking to expand its safety products division. In 2015, the company bought harness maker Capital Safety from Kohlberg Kravis Roberts & Co. (NYSE: KKR). For more, see 3M Moves Beyond Scotch Tape for Growth.
Skadden Arps Slate Meagher & Flom LLP is representing Idex. Lazard and Barclays are advising Premier.