Nordson today announced it signed an agreement to acquire medical infusion fluid delivery tech developer Atrion Corp. for nearly $800 million.
The agreement includes $460 per share in cash to reflect a valuation of 15 times Atrion’s 2024 full-year estimated EBITDA, including synergies Nordson expects to generate in its first two years of owning Atrion.
“Over nearly 15 years, Nordson has built a strong medical portfolio through organic and acquisitive growth. This attractive end market has several long-term secular growth drivers, including aging of the population, increasing healthcare spending and procedures, adopting of minimally-invasive surgical techniques, continuing innovation and medical OEM outsourcing,” Nordson President and CEO Sundaram Nagarajan said in a news release. “We have long admired Atrion’s technology portfolio, and today’s announcement represents a step forward in expanding our medical offerings for our customers. Leveraging our NBS Next growth framework and medical business expertise, we see significant operational synergies, while supporting the long-term growth of the business.”
Atrion manufactures medical products and has three specialized FDA-registered manufacturing facilities in the U.S. It has three key businesses to add to Nordson’s portfolio, including Halkey Roberts’ infusion fluid delivery components, Atrion Medical’s OEM interventional inflation devices for balloon catheterization, stent deployment, and fluid delivery, and Quest Medical’s myocardial protection devices.
“In addition to its strong product and patent portfolios, Atrion’s highly talented organization, as well as its three FDA-registered design and manufacturing facilities, will be important additions to Nordson Medical. We look forward to being able to offer our medical customers a more comprehensive offering of solutions,” said Stephen Lovass, EVP of Nordson Medical and Fluid Solutions.
Pending regulatory and stockholder approvals, the transaction is expected to close before Nordson’s fiscal year-end 2024. It will be funded through cash on hand and newly issued financial debt.
