Enpro to buy Advanced Micro Instruments for $210 million…

29 Dec 2023

…and Bruker acquires UK-based optical cell imaging company Phasefocus.

Enpro, an industrial technology company, is to acquire Advanced Micro Instruments (“AMI”), a provider of application-specific analyzers and sensing technologies that monitor critical parameters. Under the terms of the agreement, Enpro will acquire AMI for $210 million in cash, representing a valuation of approximately 13x the target company’s 2023 pre-tax earnings (EBITDA).

Based in Costa Mesa, California, AMI serves customers in the midstream natural gas, biogas, industrial processing, cryogenics, food processing, laboratory, wastewater and aerospace markets. The company offers a portfolio of oxygen, hydrogen sulfide and moisture analyzers and proprietary sensing capabilities that detect contaminants in a variety of processes.

Upon completion, AMI will be included in Enpro’s Sealing Technologies segment, adding to the segment’s portfolio of products and solutions that safeguard critical environments. The acquisition announcement stated that the deal “is expected to be accretive to segment revenue growth and profitability, in addition to Enpro’s adjusted diluted earnings per share.”

Eric Vaillancourt, President and CEO of Enpro, commented, “Acquiring AMI, an industry leader, will build on our strategy to invest in products and technologies that safeguard critical environments in key secular growth markets.

“AMI’s analyzer and sensor solutions will add to our existing portfolio of critical process technologies in the Sealing Technologies segment, and this acquisition will be an important step forward in expanding our capabilities into compositional analysis. We look forward to welcoming the talented AMI team to the Enpro family of companies and capitalizing on our combined capabilities.”

Kevin Bates, President and CEO of AMI, said, “AMI fits squarely into Enpro’s portfolio of leading-edge solutions in a variety of growing end markets that have strong technological and applied engineering advantages. Enpro is the ideal partner for us to accelerate our future growth.”

The transaction is expected to close in early 2024, subject to limited closing conditions, including regulatory approvals.

Bruker acquires bioimaging company Phasefocus

Scientific instrument manufacturer Bruker has announced that it has signed a definitive agreement to acquire Phasefocus Holdings, a privately held company with expertise in imaging and image processing algorithms.

Phasefocus has deployed its expertise to develop a novel optical microscope, called Livecyte, for label-free imaging. Bruker says its “global reach will help build on Phasefocus’ success to date”. Financial details of the transaction were not disclosed.

Headquartered in Sheffield, UK, Phasefocus was founded in 2006 and the company has developed the Livecyte product based on strong algorithms and patented technology. Phasefocus’ microscopy capabilities are expected to enhance Bruker’s existing portfolio – “enabling new research advances in a range of cell imaging applications,” the buyer commented.

The acquisition is another step forward in Bruker’s portfolio transformation. “Phasefocus has extensive image processing and algorithm expertise that they have nicely deployed in their Livecyte product,” said Dr. Frank Burgaezy, President of Bruker’s AXS division. “This is a good addition to our broad imaging portfolio and their technology will enable us to drive further product developments.”

“We are very pleased to join Bruker,” said Dr. Martin Humphry, CEO of Phasefocus. “Joining forces with a leading life-science tools provider with broad geographic reach enables us to give many more researchers access to our products for investigation of dynamic single cell behavior.”