Acquisition of Bahr Modultechnik
Acquisition of Electric Linear Motion Specialist Bahr Modultechnik for €98m. Bahr will become part of the Industrial Automation Business Unit within Norgren.
IMI plc (“IMI” or the “Group”) announces the proposed acquisition of Bahr Modultechnik Holding GmbH (“Bahr”) for an enterprise value of €98m (£83m). Bahr will become part of the Industrial Automation Business Unit within Norgren.
The acquisition of Bahr is aligned to IMI’s strategy and its purpose of [Breakthrough Engineering for a better world]. The addition of Bahr will enable Norgren to deliver a power agnostic offering of pneumatic and electric linear motion systems. The purchase price implies a multiple of approximately 13.5x stand-alone forecasted 2022 EBITDA, and excluding the significant growth synergy potential from the combination with IMI. Bahr grew revenue from 2019 to 2021 through the pandemic at a 12% CAGR, and 27% growth for the first four months of 2022.
Bahr is a leading provider of highly configured modular electric linear motion systems, based on a broad portfolio of specialist components. The company has a diverse customer base with presence in highly attractive automation-driven end markets, including pharmacy automation, warehouse automation and robotics. Bahr’s unique modular system and customer centric approach aligns to IMI’s business model. The company is based in Luhden, Germany and is majority owned by IK Partners. Cihan Halavurt, Co-CEO and Dirk Bahr, Co-Founder and Co-CEO at Bahr, will remain with the business post-acquisition to drive the significant growth opportunity through the combination of the two organisations.
The acquisition provides a unique electric actuation portfolio that is highly scalable in attractive markets and aligns with IMI’s purpose - Breakthrough Engineering for a better world.
Bahr’s leading electric linear motion solutions enable Norgren to deliver a power agnostic offering of pneumatic and electric linear motion systems
Introducing Bahr systems to IMI’s global industrial customer base will provide significant growth synergies
Bahr will be both margin and growth accretive to Norgren and the acquisition will deliver a financial return in excess of IMI’s cost of capital by the end of year three
Commenting on the acquisition, Roy Twite, Chief Executive of IMI, said: “At IMI our purpose is to deliver Breakthrough Engineering for a better world. We solve acute industry problems in attractive markets. We are delighted to welcome everyone at Bahr Modultechnik into the IMI family. Your unique technology will expand our offering and deliver tremendous value to our customers.”
Beth Ferreira, Divisional Managing Director of Norgren, part of IMI plc commented: “I am pleased to welcome Bahr Modultechnik to IMI. The company has a fantastic product portfolio that is highly scalable in attractive growth markets. We are looking forward to working with Cihan, Dirk and the entire Bahr team to leverage this fantastic opportunity and drive growth together.”
Dirk Bahr, Co-Founder and Co-CEO of Bahr Modultechnik, said: “In the context of growing demand for automated solutions across various industries including warehouse automation and material handling, IMI has recognised the potential of Bahr Modultechnik and presented a vision that is strategically compelling for both Bahr and IMI. In IMI, we have found a partner who appreciates the value of our brand and capabilities and will support the company in its long-term global growth trajectory. We will continue our successful course and open up new potential, as well as long-term stability, for our customers and employees by belonging to a successful Group.”
1 Using 27 May 2022 spot rate (EUR 1.18)
Luke Grant IMI Tel: +44 (0)7866 148 374
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