Badger Meter acquires Arizona companies; Manpower completes acquisition of Comsys IT Partners; Merge Healthcare raises $41.75 million to fund acquisition; Brady Corp. acquires French company
Badger Meter acquires Arizona companies
Badger Meter Inc. has purchased Cox Instruments LLC of Scottsdale, Ariz., and its subsidiary, Flow Dynamics Inc.
Cox Instruments and Flow Dynamics manufacture and market precision high-performance flow meters that are used in demanding applications such as aerospace, custody transfer and flow measurement calibration test stands. The combined 2009 sales for both companies were approximately $5.4 million.
According to Richard Meeusen, chairman, president and chief executive officer of Badger Meter, the acquisition of Cox Instruments and Flow Dynamics gives Badger Meter several new flow measurement technologies.
"We believe that Cox’s high-end turbine meters for industrial and precision flow applications are a good fit for Badger Meter. Integrating these products with our existing flow measurement portfolio will open new market opportunities for us, while effectively leveraging the customer base of both companies. Cox has an excellent reputation in the industry and will be a great addition to Badger Meter’s line of global flow measurement solutions," Meeusen said.
Meeusen said Badger Meter will merge the two entities into a wholly-owned subsidiary of Badger Meter to be named Cox Flow Measurement Inc. The Cox management team will remain with the company.
Financial terms of the transaction were not disclosed.
Manpower completes acquisition of Comsys IT Partners
Milwaukee-based Manpower Inc. has completed its previously announced exchange offer for the outstanding shares of common stock of Comsys IT Partners Inc., a Houston-based information technology staffing firm.
Manpower intends to exercise its option under the merger agreement to acquire newly issued shares of Comsys common stock at $17.65 per share, the same cash consideration offered in the exchange offer. Together with the shares accepted in the exchange offer, Manpower now owns more than 90 percent of the outstanding shares of Comsys common stock.
Merge Healthcare raises $41.75 million to fund acquisition
West Allis-based Merge Healthcare Inc., a health IT solutions provider, has completed a private placement of preferred and common stock totaling $41.75 million. The new revenue will be used to fund Merge’s proposed acquisition of Amicas Inc., a provider of medical imaging software and services.
Pursuant to the previously-announced definitive merger agreement between Merge and Amicas, a subsidiary of Merge commenced a tender offer on March 19 to purchase all of the outstanding shares of common stock of Amicas for $6.05 per share of common stock.
The merger agreement contains a commitment from Merge to provide $40 million in preferred equity to the acquisition. This private placement will satisfy that commitment and is scheduled to close prior to the close of the tender offer to Amicas shareholders.
Merge entered the securities purchase agreement with 14 institutional and other accredited investors.
Brady Corp. acquires French company
Milwaukee-based Brady Corp. has acquired Securimed SAS, a direct marketer of first-aid supplies and related products located in Coudekerque, France.
Securimed, founded in 1986, is a leading European supplier and distributor of customized first-aid kits and supplies, and related health care products, including personal protection, disinfection and hygiene products, diagnosis materials and products for emergency response.
Securimed sells its products primarily through the Internet and via mail order catalogs to administrative and corporate health and safety departments predominantly in France. Securimed had sales of approximately $12 million in fiscal 2009.
"The acquisition of Securimed gives us an opportunity to further grow our direct marketing business in Europe and expand into the safety and first aid market, which has proven resilient to the economic downturn, and where Securimed has a strong brand," said Peter Sephton, president of Brady Europe. "With Securimed we can enhance the offer of workplace safety products through our Seton, Signals and Safetyshop brands in the rest of Europe, further strengthen our position in France, and have access to new customers in markets adjacent to safety identification."
"Joining Brady gives us the opportunity to further grow our business," said Securimed founder Andre Benard. "Their expertise in direct marketing through their Seton and Signals businesses, as well as their multi-channel sales approach, will add value for our customers."
Financial terms of the transaction were not disclosed.
Brady’s presence in France dates back to the late 1970s, when it opened a sales office and warehouse outside of Paris. Since 1997, Brady has acquired Signals, a direct marketing business based in La Rochelle, and four other companies dealing with labeling solutions, safety signage and name badges. Today, Brady employs about 315 people in France and operates facilities in Roncq, La Rochelle and Auch, and has sales offices in Paris and Lyon.
