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Engineering firm IMI PLC on Monday agreed to buy Bahr Modultechnik Holding GmbH for an enterprise value, including debt, of €98 million.
Birmingham-based IMI said Luhden, Germany-based Bahr will become part of the industrial automation business unit within IMI Precision Engineering. Bahr provides modular electric linear motion systems, serving ‘highly attractive automation-driven end markets, including pharmacy automation, warehouse automation and robotics’.
IMI said that the proposed acquisition is aligned to its strategy of ‘breakthrough engineering for a better world’. The addition of Bahr will enable IMI to deliver a ‘power agnostic offering of pneumatic and electric linear motion systems’.
The purchase price represents a multiple of approximately 13.5-times stand-alone forecasted 2022 earnings before interest, tax, depreciation, and amortisation, IMI said. Through 2019 to 2021 Bahr grew revenue at a 12% compound annual growth rate, increasing to 27% for the first four months of 2022. IMI didn't provide Bahr's Ebitda and revenue figures.
The acquisition is expected to take place by mid-June 2022.
‘In the context of growing demand for automated solutions across various industries including warehouse automation and material handling, IMI has recognised the potential of Bahr Modultechnik and presented a vision that is strategically compelling for both Bahr and IMI,’ said Dirk Bahr, co-founder & co-chief executive officer of Bahr.
Shares in IMI were up 3.4% at 1,413.00 pence each in London on Monday morning
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