AGC Partners Advises Mircofluidics on its Sale to IDEX
America’s Growth Capital is pleased to announce that its client, Microfluidics International Corporation (OTCBB: MFLU), a global leader in the design and manufacture of laboratory and commercial equipment used in the production of micro and nano scale materials for the pharmaceutical and chemical markets, has agreed to be sold to IDEX Corporation (NYSE: IEX), a global leader in the fluidics field across multiple platforms, for an enterprise value of approximately $20 Million. Microfluidics’ product and service offerings will enhance IDEX’s micro fluidics and micro particle technology position. Under the terms of the agreement, Microfluidics stockholders will receive $1.35 in cash for each share of Microfluidics common stock they hold, a premium of 75% over Microfludics’ volume-weighted average share price during the 90 trading days ended January 10, 2011. The transaction is expected to close in the first quarter of 2011. With a team led by Tim Harned and Ben Howe, America’s Growth Capital acted as sole financial advisor to Microfluidics.
Microfluidics is very pleased with their decision to work with Tim Harned and the entire AGC team regarding its strategic evaluation and sale to IDEX. AGC served as a trusted advisor to management and the Board of Directors through a complicated process and worked diligently to manage multiple constituents to ensure success. This is a great outcome for Microfluidics and its stockholders, employees and customers, and we owe a lot of that to the unwavering efforts of our team at AGC. I would recommend Tim Harned and AGC to any company and look forward to working with them again.