CHELMSFORD, Mass., Oct. 05, 2017 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced today that it has acquired 4titude, Ltd., a manufacturer of scientific consumables for biological sample materials used in a variety of genomic and DNA analytical applications. Based in Surrey, England, 4titude sells its products into more than 50 countries worldwide. The total purchase price of the acquisition was approximately $65 million in cash, subject to customary working capital and other adjustments.
Founded 12 years ago by industry veterans, 4titude is widely recognized for its innovative PCR plates which are used to "amplify" or copy small segments of DNA, a significant factor in accelerating research. The company also manufactures a range of sealing and sequencing tubes related to bench top instrumentation. 4titude supplies consumable PCR plates to more than 1200 global customers in the pharma, biotech, academic, and biobanking markets.
“4titude is a natural addition to Brooks Life Science offerings,” commented Dusty Tenney, president of Brooks Life Sciences. “As our services have expanded into supporting the genomic analysis process for many of our storage customers, we now have a premier consumables offering that gives our customers the sample quality and integrity they require in this high growth application space.”
Co-founders of 4titude, Peter Collins and Thomas Lernbecher, reflected on joining Brooks, “Our offerings and the Brooks comprehensive service platform will definitely benefit each other. It is clear that both companies share a passion for the commitment to innovation and high integrity solutions for biological sample management.”
Over the last two years, 4titude has delivered more than 20% annual growth and generated approximately $14 million of revenue in the last 12 months. Management expects the acquisition will be accretive to Brooks’ non-GAAP earnings within the first quarter of ownership.
Brooks Automation also announced that, concurrent with this acquisition, the company has secured a seven year senior term loan agreement with a group of institutional lenders, including Morgan Stanley Senior Funding, Inc. as Administrative Agent. The agreement immediately funds $200 million onto Brooks’ balance sheet, ensuring liquidity and financing for future acquisitions. Terms of the debt instrument include an interest rate of LIBOR plus 250 bps, 1% amortization per year, no financial covenants, flexibility to repay the loan, and the opportunity to increase it under certain conditions.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks’ technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market. Since 2011, Brooks has applied its automation and cryogenics expertise to meet the sample storage needs of customers in the life sciences industry. Brooks’ life sciences offerings include a broad range of products and services for on-site infrastructure for sample management in temperatures of -20°C to -150°C, as well as comprehensive outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal. Brooks is headquartered in Chelmsford, MA, with direct operations in North America, Europe and Asia. For more information, visit www.brooks.com.
“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include, but are not limited to statements about the anticipated benefits of the acquisition of 4titude, the expected future capabilities of the combined companies, and the use of proceeds of the senior term loan. Factors that could cause results to differ from our expectations include the following: potential difficulties with the integration of the 4titude business into Brooks Life Science Systems and potential adverse reactions or changes to business relationships resulting from Brooks’ ownership of the 4titude business. In addition, actual results are subject to other risks that relate more broadly to Brooks’ overall business, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
Senior Managing Director
Source:Brooks Automation, Inc.