Eppendorf Buys New Brunswick Scientific
New Brunswick Scientific enlarges Eppendorf’s North American presence, a key strategic imperative for the company due to the US market size and currency effects. The acquisition also adds bioreactors and fermentation equipment, two fast-growing market segments, expanding Eppendorf’s offerings for biotech companies and manufacturing. In 2006, New Brunswick Scientific’s revenues grew 11.5% to $75.5 million (see IBO 4/15/07).
Edison, NJ and Hamburg, Germany 7/11/07—Eppendorf AG has agreed to acquire New Brunswick Scientific for approximately $110 million. Eppendorf will acquire the outstanding common stock for $11.50 per share, a 43% premium over the July 10 closing price, and will settle all outstanding stock options for cash. New Brunswick Scientific will become a subsidiary of Eppendorf and will operate as a Center of Excellence. “NBS’s strong brand recognition and leadership position in complementary market segments makes this a compelling acquisition opportunity for Eppendorf,” stated Klaus Fink, CEO of Eppendorf. David Freedman, cofounder and chairman of New Brunswick, and other Freedman family members, selected executive management personnel and the Board, who together represent nearly 26% of the outstanding shares, support the merger. Pending shareholder approval, the transaction is expected to close in the third quarter.
