Porvair plc Acquires J. G. Finneran Associates, Inc.
Porvair, the specialist filtration and environmental technologies group, announces the acquisition of J. G. Finneran Associates, Inc. JGF, based in Vineland, New Jersey, designs, manufactures and distributes specialist laboratory consumables including filters, vials, microplates, closures and ancillary products.
On 4 April 2017, Porvair acquired 100% of the issued share capital of JGF and its related freehold property from the Finneran family.
The initial consideration for the Acquisition is $8.0m, payable in cash, with a further deferred cash payment of up to a maximum of $6.0m, payable in the years ending 30 November 2018 and 2019, subject to the satisfaction of certain growth targets during the years ending 31 March 2018 and 2019. The Acquisition is expected to be earnings enhancing in its first full year of ownership.
The Board sees a good fit between JGF and Porvair's already established life science and biotechnology activities. JGF brings manufacturing capabilities and strong US distribution to the Group. Together the businesses have a broad product offering for chromatography, sample preparation and environmental laboratories. Opportunities exist for combining manufacturing and marketing activities.
The Board is pleased to welcome the Finneran family and JGF staff to the Porvair Group.