Sign up for the QMED & MD+DI Daily newsletter.
November 15, 2023
1 Min Read
Tippapatt / iStock via Getty Images
Novanta, a technology partner to medical and advanced technology equipment manufacturers, announced recently that it has entered into a definitive agreement to acquire Motion Solutions, a provider of highly engineered integrated solutions. Novanta said the cash consideration for the deal is $189 million, subject to customary closing conditions.
Motion Solutions partners with OEMs in medical, life sciences, and advanced industrial applications to design and manufacturer high precision, customized subsystems and components. The company specializes in proprietary precision motion and advanced motion control solutions. The business currently has over 110 employees and is headquartered in Irvine, CA.
The deal is said to add complementary markets to Novanta’s current reach, including spatial biology, genomics, proteomics, medical robotics, and lab automation, as well as giving the company an “opportunity to design unique solutions for our mutual OEM customer base combining Novanta’s and Motion Solutions’ capabilities,” said Matthijs Glastra, chair and CEO of Novanta, in the press release announcing the acquisition.
"Motion Solutions is an exciting business with intelligent subsystem competencies within attractive medical and precision medicine markets,” Glastra said. “The business adds complementary motion subsystem solutions to Novanta’s product portfolio, giving us greater exposure to leading OEM customers in markets such as spatial biology, genomics, proteomics, medical robotics, and lab automation.”
Motion Solutions is expected to generate about $85 million in revenue in 2023. Novanta noted that the transaction will be financed using available cash and borrowings under its revolving credit facility.
The companies did not disclose a timeline of when the deal will be officially closed.
About the Author(s)
Managing Editor, MD+DI
Katie Hobbins is managing editor for MD+DI and joined the team in July 2022. She boasts multiple previous editorial roles in print and multimedia medical journalism, including dermatology, medical aesthetics, and pediatric medicine. She graduated from Cleveland State University in 2018 with a bachelor's degree in journalism and promotional communications. She enjoys yoga, hand embroidery, and anything DIY. You can reach her at [email protected].
You May Also Like
Sustainable Manufacturing Expo Hits North AmericaFeb 22, 2024|4 Min Read
Medtronic Doubles Down on Sustainability EffortsFeb 22, 2024|1 Min Read
Top Medical Device M&AFeb 21, 2024|1 Min Read
FDA Urges Independent Verification of Third-Party Testing DataFeb 21, 2024|2 Min Read