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EnPro Industries Announces Successful Completion of Alluxa, Inc. Acquisition

Date Announced: 27 Oct 2020

$255M deal was first announced a month ago.

CHARLOTTE, N.C.--(BUSINESS WIRE)-- EnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors, today announced that it has closed the acquisition of Alluxa, Inc., a privately held, California-based company. EnPro announced an agreement to acquire Alluxa on September 28, 2020.

Alluxa is a technology company that provides specialized optical filters and thin-film precision coatings for the most challenging applications in the industrial technology, life sciences, and semiconductor markets. The company’s products are developed through a proprietary coating process using state-of-the-art, advanced equipment. Alluxa partners with customers across major end markets to provide customized, complex precision coating solutions through Alluxa’s specialized technology platform and proprietary processes.

The completion of this transaction supports EnPro’s strategy to focus the portfolio on materials science-based businesses with leading technologies, compelling margins, strong cash flow, and recurring revenue models that serve markets with favorable secular tailwinds where the company can apply the EnPro Operating System to enable continuous improvement. EnPro will continue to allocate capital, organically and inorganically, to drive growth in businesses with these characteristics with an overarching goal of maximizing long-term shareholder returns.

The Alluxa acquisition was funded through available cash and rollover equity from Alluxa executives.

GCA Advisors and Robinson, Bradshaw & Hinson, P.A. served as advisors to EnPro. Wells Fargo Securities and Blank Rome LLP served as advisors to Alluxa.

Source: EnPro Industries

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