IDEX Invests in Flow Monitoring
Nova Holdings was formed in 2006 and is the parent company of Nova Technologies and Nova Analytics. Nova Technologies was built through the acquisitions of ADS (see IBO 11/30/05), Trent Pipeline Services (see IBO 10/15/06), DWC Technologies and, most recently, Condor Solutions, which was acquired by ADS in November.
Northbrook, IL 11/14/07—IDEX has agreed to acquire Nova Technologies (NTC) from Nova Holdings for $158 million. Nova Technologies provides metering technology and flow monitoring services to the water and wastewater markets and has annual revenues of $70 million. “NTC’s expertise in flow measurement solutions enables the continued enhancement of our market-based water platform within the Fluid and Metering Technologies segment,” stated IDEX Chairman and CEO Larry Kingsley. The transaction is expected to close in the fourth quarter and be accretive to IDEX’s earnings in 2008.
