IDEX Corporation acquires FTL Seals Technology
Listed US corporate IDEX Corporation (NYSE: IEX) has acquired Leeds-based FTL Seals Technology, Ltd (FTL), a UK leader in the design and application of high integrity rotary seals, specialty bearings, and other custom products for the oil & gas, mining, power generation, and marine markets. FTL was acquired for cash consideration of approximately £24m, with BCMS acting as lead advisors to the shareholders of FTL.
This deal is another good example of BCMS’ ability to connect its clients with major global acquirers
FTL delivers engineered sealing solutions and complex component designs that increase performance in critical pump, valve and hydraulic applications. Under the terms of the transaction, FTL will operate with Precision Polymer Engineering (PPE), within IDEX’s Health and Science Technologies segment.
Based in Northbrook, Illinois, IDEX Corporation is an applied solutions company specialising in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products. Its products are sold in niche markets to a wide range of industries throughout the world, and the business reported revenues of $2.484 billion in 2018.
Commenting on the acquisition, which took place on 2013, IDEX Chairman and Chief Executive Officer Andrew Silvernail said: “We are extremely pleased with FTL’s decision to become part of IDEX. FTL is a terrific complement to PPE. FTL creates value for their customers by focusing their superior application knowledge to the design of highly engineered sealing solutions. Married with PPE, and its tremendous knowledge of material science and manufacturing, we see significant opportunities for both revenue and operational synergies.
“The combination of FTL’s and PPE’s core competencies, and their expertise in serving a variety of markets, will extend our offerings with new and existing OEMs around the world.”