Nordson Corporation today announced that it has entered into a definitive agreement to acquire Atrion Corporation (Nasdaq: ATRI), a leader in proprietary medical infusion fluid delivery and niche cardiovascular solutions, for $460.00 per share in cash. This reflects a valuation of 15X Atrion’s 2024 full-year estimated EBITDA, inclusive of synergies Nordson expects to generate in the first two years of its ownership. The acquisition expands Nordson’s medical portfolio into new markets and therapies, supported by long-term secular growth trends.
Sundaram Nagarajan, president and chief executive officer of Nordson Corporation, said, “Over nearly 15 years, Nordson has built a strong medical portfolio through organic and acquisitive growth. This attractive end market has several long-term secular growth drivers, including aging of the population, increasing healthcare spending and procedures, adopting of minimally-invasive surgical techniques, continuing innovation and medical OEM outsourcing. We have long admired Atrion’s technology portfolio, and today’s announcement represents a step forward in expanding our medical offerings for our customers. Leveraging our NBS Next growth framework and medical business expertise, we see significant operational synergies, while supporting the long-term growth of the business.”
Headquartered in Allen, Texas, Atrion is a manufacturer of proprietary medical products, generating approximately $169 million in annual revenue in 2023. Established in 1944, Atrion supports customers globally through three specialized FDA registered manufacturing facilities located in the United States. Atrion’s portfolio consists of three key businesses that will significantly expand Nordson’s addressable market in infusion and cardiovascular therapies:
- Halkey Roberts is a leader in infusion fluid delivery solutions, including single-use OEM medical components such as swabable and pressure relief valves.
- Atrion Medical is a leading provider of OEM interventional inflation devices for balloon catheterization, stent deployment and fluid delivery in structural heart, ENT and GI procedures.
- Quest Medical’s highly differentiated myocardial protection devices and single-use consumables deliver real-time precise drug administration during cardiovascular surgery.
Stephen Lovass, executive vice president, Nordson Medical and Fluid Solutions segment, added, “In addition to its strong product and patent portfolios, Atrion’s highly talented organization, as well as its three FDA registered design and manufacturing facilities, will be important additions to Nordson MEDICAL. We look forward to being able to offer our medical customers a more comprehensive offering of solutions.”
The $460.00 per share in cash price for Atrion represents a total transaction enterprise value of approximately $800 million. The transaction is expected to close prior to Nordson’s fiscal year-end 2024, pending applicable regulatory and stockholder approvals and will be funded through a combination of cash on hand and newly issued financial debt.
Morgan Stanley & Co. LLC acted as exclusive financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Nordson Corporation.
