Landauer acqrires IZI Medical Products
Glenwood-based Landauer Inc. said it has acquired all of the outstanding equity interests of IZI Medical Products LLC of Baltimore, Md., for approximately $93 million.
IZI Medical Products is a leading provider of high quality medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures and was a company of Boston-based Riverside Partners, a private equity firm with two decades of experience with middle-market health care and technology companies.
“IZI Medical Products is a significant addition to our product and service offering to help customers ensure the safe utilization of radiation and supports our growth objectives via strategic expansion,” said Bill Saxelby, president and CEO of Landauer. “IZI Medical Products expands Landauer's addressable market opportunities in both the U.S. and international markets and brings a very talented team of individuals with a similar culture to Landauer.
“This partnership provides considerable opportunities and resources for the IZI organization and I look forward to working with Helen Shafer, CEO of IZI Medical Products, and her team,” he added.
IZI Medical Products has a broad product portfolio, ranging from consumables used with MRI, CT, and Mammography technologies to highly engineered consumable passive reflective markers used during Image Guided Surgery procedures. With a global customer base and two decades of research and development expertise, IZI is well positioned to serve the growing and attractive radiation oncology, radiology, and image guided surgery end markets.
“The IZI team is excited about becoming a part of Landauer,” said Helen Shafer, CEO of IZI Medical Products. “We believe that Landauer's resources will be of significant value to our long-term growth strategy and the fit from a cultural perspective is outstanding. We look forward to a long and profitable relationship with Landauer.”
IZI Medical Products was acquired for approximately $93 million in cash, subject to customary purchase price adjustments. The acquisition is expected to be approximately $0.12-$0.16 accretive to earnings per share in fiscal year 2012. The structure of the transaction also provides Landauer with a future tax benefit with a net present value of approximately $18.6 million.
Landauer is a leading global provider of technical and analytical services to determine occupational and environmental radiation exposure and is the leading domestic provider of outsourced medical physics services. For more than 50 years, the Company has provided complete radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries in which radiation poses a potential threat to employees.