Columbus, OH 11/2/17; Columbus, OH 11/2/17—Mettler-Toledo, a supplier of precision instruments and services, has acquired Biotix for $105 million, according to the company’s quarterly conference call. A manufacturer and distributor of plastic consumables related to pipettes, California-based Biotix generates annual revenues of $35 million. Biotix’s products include tips, tubes and reagent reserves for the life science market. The acquisition complements Mettler-Toledo’s Rainin subsidiary, which sells pipettes and tips. “This acquisition is a great complement to Rainin as we will gain access to indirect distribution channels with strong secondary brands,” stated Mettler-Toledo President and CEO Oliver Filliol on the call. “Our strategy is to run a dual-channel, dual-brand strategy, with Rainin focused on direct sales and service, and Biotix focused on indirect distribution channels and OEMs.” The acquisition is acquisition is expected to add 1% to 2018 revenue growth.

Mettler-Toledo expects double-digit growth for the business over the next three years, according to the call, following growth of 10%–12% over the past 12 months for the standalone company. The price was 10x EBITDA. As Mr. Filliol described on the call, the dual-channel strategy has been successful for Mettler-Toledo’s balance business.  He also noted that Biotix’s strong OEM business will benefit from the addition of Rainin’s product. In addition, nearly 70% of Biotix’s sales are domestic, so Mettler-Toledo will be able to expand the company’s geographic sales. Biotix has manufacturing facilities in Mexico. Expected synergies include R&D and supply chain resources.