Harvard Bioscience Acquires Distributor
Under the asset purchase agreement, Harvard Bioscience has so far paid $12.8 million in cash in connection with the acquisition, according to an SEC filing. The estimated purchase price of $23–$24 million is six times Denville’s expected operating profit for the current fiscal year. Denville Scientific was established in 1979 and is based in Metuchen, New Jersey.
Holliston, MA 9/3/09—Harvard Bioscience has acquired substantially all of the assets of Denville Scientific and assumed certain of the company’s liabilities. The purchase price is expected to be $23–$24 million, depending on Denville’s 2009 financial results. Denville is a distributor of molecular biology products, with a focus on liquid handling items. In 2008, Denville had revenues of $19 million. The acquisition is expected to be accretive to Harvard Bioscience’s non-GAAP EPS for 2009 and, on an annualized basis, would have added $0.05–$0.06 per share to its non-GAAP EPS and $0.02–$-0.03 per share on a GAAP basis “Denville’s strong brand name, quality products and field sales model has a long track record of success, which we believe will greatly strengthen our distribution channel for molecular biology products,” said Chane Graziano, CEO of Harvard Bioscience.
