Porvair’s US acquisition could rack up to $14 million
Porvair, the specialist filtration and environmental technologies group based in King’s Lynn, has acquired J. G. Finneran Associates, Inc. in New Jersey.
JGF designs, manufactures and distributes specialist laboratory consumables including filters, vials, microplates, closures and ancillary products. Porvair has acquired all the issued share capital of JGF and its related freehold property from the Finneran family.
The initial consideration is $8m, payable in cash, with a further deferred cash payment of up to a maximum of $6m, payable in the years ending November 30, 2018 and 2019, subject to the satisfaction of certain growth targets. The acquisition is expected to be earnings enhancing in its first full year of ownership.
The Porvair 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.