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Rheodyne, the Rohnert Park, Californiabased manufacturer of injectors, valves, fittings and accessories for the analytical instrumentation market.
Rheodyne's products are used by manufacturers of high performance liquid chromatography equipment. The company, which has annual sales of approximately US$23 million, becomes Idex's 12th stand-alone business and will be operated as part of its Pump Products Group. Terms of this cash transaction were not disclosed.
Idex CEO Dennis Williams said Rheodyne fitted his company's growth strategy exceptionally well. "The combination of Micropump, Ismatec and Rheodyne will allow us to strengthen our position in the higher growth analytical instrument business, and will help us develop new products to serve this market." Rheodyne president and CEO James Noonan will remain active with the business until a successor is named.
Meanwhile Idex is positioning itself for further acquisition activity by using the US$50.9 million it received in net proceeds from the recent sale of 1.5 million primary shares, to repay debt under its revolving credit facility. This has increased the amount available for borrowing under the facility, which Idex intends to use for general corporate purposes, including acquisitions. Idex's public offering of 5.75 million shares of common stock at US$36.00 per share (see Pump Industry Analyst, June 2002), saw Idex sell 1.5 million primary shares while Idex Associates LP and KKR Associates LP sold 4.25 million secondary shares.
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