MOCON, Inc. has finalized an agreement to acquire Denmark-based company PBI-Dansensor.
The deal comes following an announcement made in early March when MOCON revealed its intention to acquire PBI-Dansensor.
MOCON acquired 100 percent of the equity interests of PBI-Dansensor for approximately $20 million. Two-thirds of that amount has been paid for in cash at closing and the remainder will be paid over four years, pursuant to a seller note.
MOCON Chairman, President and CEO Robert L Demorest said of the deal’s conclusion, “PBI-Dansensor is a company that we have been interested in for a long time.”
PBI-Dansensor, based in Ringsted, Denmark, is a manufacturer of specialized instruments for the Modified Atmosphere Packaging (MAP) of foods, beverages, pharmaceuticals and other perishable items.
“Our two companies are very synergistic and an excellent fit with each other. Combining our two companies will allow us to be a strong competitor in the overall MAP marketplace”
Last year, the company recorded sales of approximately $19.3 million.
Demorest commented, “Their MAP product line dovetails nicely with our offerings, and their international distributor channels will enable many of MOCON’s new products to flow to major markets around the world without the necessity of setting up these distribution networks ourselves.”
He added, “Our two companies are very synergistic and an excellent fit with each other. Combining our two companies will allow us to be a strong competitor in the overall MAP marketplace, with many successful offerings to the large customer base of our two companies, as well as to the expected growth in this sector around the world.”