IDEX Corporation to Acquire Nexsight, Expanding Solutions Expertise for Wastewater Systems

Rhea-AI Summary

IDEX Corporation (NYSE:IEX) has announced the acquisition of Nexsight, LLC for $120 million. This strategic purchase includes leading businesses such as Envirosight, WinCan, MyTana, and Pipeline Renewal Technologies. The acquisition is set to enhance IDEX's wastewater monitoring capabilities and expand its product offerings in intelligent water technologies. With annual sales of about $50 million, this deal is expected to close in Q1 2021, pending regulatory approvals. CEO Eric Ashleman emphasized the importance of this move for broadening expertise in wastewater infrastructure.

Positive

• Acquisition of Nexsight enhances IDEX's wastewater infrastructure capabilities.
• Expansion of IDEX’s product portfolio through leading inspection software and technologies.
• Nexsight's annual sales of approximately $50 million will contribute to revenue growth.

Negative

• None.

NORTHBROOK, Ill.--(BUSINESS WIRE)-- IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Nexsight, LLC and its market leading businesses – Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (PRT) – for cash consideration of $120 million, subject to customary post-closing adjustments.

The acquisition will complement and bolster existing IDEX business units iPEK and ADS, which design and create sewer crawlers, inspection and monitoring systems, and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.

Through the Nexsight acquisition, IDEX will expand to include iPEK’s key North American channel partner and its leading wastewater video inspection software platform, which we foresee helping to broaden the capabilities of ADS’s cloud-based wastewater system monitoring and predictive analytics platform.

“Acquiring Nexsight will broaden our expertise in the inspection and monitoring of wastewater infrastructure,” IDEX Chief Executive Officer and President Eric Ashleman said. “We intend to continue growing our presence in intelligent water technologies, where we can help predict and identity wastewater system issues early, preventing them from causing property damage, harming the environment and impacting public health.”

“IDEX continues to actively seek and analyze opportunities to deploy capital and acquire IDEX-like businesses, as well as make calculated bets in new technologies to support growth, strengthen our portfolio and enhance our return to shareholders,” Ashleman said.

With annual sales of approximately $50 million, Nexsight will join the water group within IDEX’s Fluid & Metering Technology segment. The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions.

About IDEX

IDEX Corporation (NYSE: IEX) is a company that has undoubtedly touched your life in some way. In fact, IDEX businesses make thousands of products that are mission-critical components in everyday activities. Chances are the car you’re driving has a BAND-IT® clamp holding your side airbag safely in place. If you were ever in a car accident, a Hurst Jaws of Life® rescue tool may have saved your life. If you or a family member is battling cancer, your doctor may have tested your DNA in a quest to find the best targeted medicine for you. It’s likely your DNA test was run on equipment that contains components made by our growing IDEX Health & Science team. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call more than 45 diverse businesses around the world part of the IDEX family. With 7,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global nearly $2.5 billion company committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005797/en/

Investor Contact

IDEX Corporation

William K. Grogan

Senior Vice President and Chief Financial Officer

+1 847-498-7070

wgrogan@idexcorp.com

Media Contact:

IDEX Corporation

Mark Spencer

+1 847-457-3793

mdspencer@idexcorp.com

Source: IDEX Corporation

FAQ

What is the value of the Nexsight acquisition by IDEX?

IDEX Corporation is acquiring Nexsight, LLC for $120 million.

When is the Nexsight deal expected to close?

The acquisition is expected to close in the first quarter of 2021, pending regulatory approvals.

How will the Nexsight acquisition benefit IDEX Corporation?

The acquisition will enhance IDEX's capabilities in wastewater inspection and monitoring, broadening its portfolio in intelligent water technologies.

What business units will Nexsight join within IDEX?

Nexsight will join IDEX’s Fluid & Metering Technology segment, complementing existing units iPEK and ADS.

What are the implications of IDEX acquiring Nexsight for shareholders?

The acquisition is expected to drive growth and enhance shareholder returns through expanded revenue and market capabilities.