IDEX enters into definitive agreement to acquire CVI

LAKE FOREST, USA: IDEX Corp. has entered into a definitive agreement to acquire CVI Melles Griot (CVI), from Norwest Equity Partners, a leading middle market equity investment firm.

CVI is a global leader in the design and manufacture of precision photonic solutions used in the Life Sciences, Research, Semiconductor, Security and Defense markets. 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.

Headquartered in Albuquerque, New Mexico, with manufacturing sites located on three continents, CVI has annual revenues of approximately $185 million. CVI will operate within IDEX’s Health and Science Technologies segment as a key addition to the optics and photonics platform. With cash consideration of approximately $400 million, CVI is expected to be accretive to IDEX’s earnings within the first full year after acquisition.

Commenting on the acquisition, IDEX Chairman and CEO, Larry Kingsley stated: "We are thrilled with the opportunity to add CVI to IDEX as the cornerstone to our rapidly expanding optics and photonics platform. CVI is a true leader in the field of high precision optical devices, combining leading edge products, top notch design and manufacturing capabilities with a robust management team and distribution channels that are the envy of the industry.

"CVI’s catalogue and website are industry standards utilized by photonics engineers and scientists around the globe when seeking solutions to their most demanding photonics challenges. CVI will now join ATFilms, acquired earlier this year, and Semrock, acquired in 2008 as part of our optics and photonics platform. We look forward to significant collaboration in key areas of product design and production capabilities as we realize strategic selling and operating synergies.

"We believe the CVI Melles Griot group, Semrock and ATFilms have precisely the type of enabling technology which binds them to their customer and aligns well with IDEX’s growth plans and operating model."

Speaking on behalf of CVI and Norwest, CVI’s CEO, Stuart Schoenmann, said: "We are truly excited to see CVI become a part of the IDEX family. IDEX has demonstrated a strong commitment to its Life Sciences business segment and a sustained focus on growing the optics and photonics platform. We are proud to become an integral part of this expansion, and we are very pleased with the opportunity to collaborate with market leaders such as Semrock and ATFilms."