Harvard Bioscience Inc. agreed to pay up to $24 million for Denville Scientific Inc., a molecular biology products distributor based in Metuchen, N.J.
The Holliston, Mass.-based lab instruments maker said the deal will see it pay between $23 million and $24 million (based on Denville’s 2009 financial results) in three installments.
Denville posted sales of about $19 million last year.
HBIO said the deal adds Denville’s strong organic growth rate to its top line (the distributor’s revenues grew at a roughly 15 percent clip over the past decade), its “extensive” U.S. field sales organization and “a significant consumables business.”
