IDEX Corporation (www.idexcorp.com) entered into a definitive agreement to acquire Banjo Corporation (www.banjocorp.com), a manufacturer of special-purpose, severe-duty pumps, valves, fittings, and systems for both OEM and after-market applications in agricultural and industrial liquid handling. Based in Crawfordsville, Indiana, Banjo has revenues of approximately $44 million.
Upon completion of the acquisition, IDEX says it anticipates that Banjo, along with its previously announced acquisitions of EPI and JUN-AIR, will produce annualized net sales of approximately $100 million with operating margins in a range of 23 to 25 percent.
Subject to regulatory approval, the Banjo transaction is expected to close in early October. The cash purchase price of approximately $183 million will be funded by the company”s current cash balance and $600 million Credit Facility.
