Biotage AB (Biotage), (NASDAQ OMX Stockholm: BIOT.ST) has acquired all outstanding shares in the privately held company Horizon Technology, Inc. (Horizon) based in New Hampshire, US, at a purchase price of approx. USD 18.4 million, corresponding to approx. SEK 153 million, based on an enterprise value of approx. USD 16.4 million and cash of approx. USD 2 million. Horizon is a successful provider of systems and consumables for separation in, among other areas, water purification, food safety, petrochemical industry, biofuels, agriculture and pharmaceutical industry, foremost at its US domestic market.
Through the acquisition, Biotage will strengthen its position as a niched separations company within environmental applications and food safety, areas were Biotage currently is less well positioned. Together with Horizon, Biotage will be able to offer its global customers a more comprehensive portfolio of products. In addition, Biotage’s global direct sales reach is expected to accelerate Horizon’s business. The combined operations will be well positioned to capture global growth trends, such as growing demand for testing and purification of water and food.
In 2016, Horizon generated net revenue of USD 8.2 million, corresponding to approx. SEK 68 million, and EBITDA of USD 0.7 million, corresponding to approx. SEK 5.8 million. Horizon had 41 full-time employees in November 2017.
EC M&A acted as exclusive financial advisor to Horizon Technology on this transaction