The directors of Nitritex Limited, a leading manufacturer of cleanroom and healthcare consumables, announced the sale of the company to Ansell Limited, a global leader in protection solutions.
The acquisition of Nitritex offers Ansell a unique opportunity to accelerate growth in the Life Sciences segment by expanding their expertise and product range.
Founded in 1996 and headquartered in Newmarket, Nitritex, through its flagship brand BioClean™ manufactures a broad range of sterile and non-sterile consumables including disposable gloves, garments, goggles, face masks, and accessories.
The company has strong capabilities in supporting the demanding standards of cleanroom and healthcare Life Sciences customers in more than 80 countries, with the majority of its sales in Europe. The company has demonstrated consistent, double-digit revenue and earnings growth in recent years.
Derek Watts, Managing Director of Nitritex said:
“I am delighted that Nitritex has become part of Ansell. The company has been enjoying very strong and sustained growth, and Ansell is an ideal partner to support the further development of the company worldwide.”
PEM Corporate Finance provided specialist advice to the vendors throughout the sale process. Lake Falconer, Corporate Finance Partner said:
“We have worked towards this transaction with Derek over a number of years and I’m delighted that his plans have come to fruition. Ansell is the perfect example of a strategic buyer and its international reach will fuel the continued growth of the company.”
The total consideration is £57 million including £12 million of cash. The net purchase price of £45 million (approx. US$56 million) is equivalent to a multiple of approximately seven times adjusted EBITDA on a trailing 12-month basis.
Legal advice was provided by Greenwoods Solicitors led by Duncan Walker.
For more information please contact Shaun Nichols, Marketing Co-ordinator at PEM Corporate Finance, on 01223 728 280 or email@example.com