Novanta Inc. (NOVT) on Tuesday announced a definitive agreement to acquire Motion Solutions, a well-established engineering partner that provides customized solutions to market-leading original equipment manufacturers (OEMs) in the medical, life sciences, and advanced industrial sectors.
According to Matthijs Glastra, Chair and Chief Executive Officer of Novanta, the acquisition of Motion Solutions will add complementary motion subsystem solutions to Novanta's product portfolio, providing greater exposure to leading OEM customers in markets such as spatial biology, genomics, proteomics, medical robotics, and lab automation.
The acquisition will also enable Novanta to design unique solutions for its mutual OEM customer base by combining the capabilities of both companies.
Motion Solutions is projected to generate approximately $85 million in revenue in 2023.
The acquisition will be made for a cash consideration of $189 million, subject to customary purchase price adjustments and closing conditions, including regulatory approvals. The transaction will be funded using available cash and borrowings under Novanta's revolving credit facility.
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