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Eurofins completes acquisition of EAG Laboratories

Luxembourg
Tuesday, December 5, 2017, 10:00 Hrs  [IST]

Eurofins Scientific (EUFI.PA), a global leader in bioanalytical testing, announces the successful closing of the transaction to acquire EAG Laboratories (EA”), a leading global scientific services company providing analytical testing and consulting solutions to a diverse and demanding set of end markets, from affiliates of Odyssey Investment Partners, as communicated on September 18, 2017.

EAG employs over 1,000 highly educated and talented scientists and support personnel, and expects to generate revenues in excess of US$ 220m in 2017. The agreed acquisition price is US$780m on a cash free debt free basis and the transaction should be immediately margin accretive for Eurofins after closing.

EAG provides Eurofins an entry into the dynamic and growing Materials and Engineering Sciences markets, where EAG is number one in its core markets. This represents an entirely new business line for Eurofins, and provides a platform with significant organic and inorganic growth potential. The company provides highly advanced investigative testing of organic and inorganic materials, serving a wide range of industries including high tech, aerospace, defense, medical device, chemicals and semiconductors. Services include elemental profiling, advanced imaging, materials characterization, metallurgy and failure analysis. EAG differentiates itself with proprietary testing systems, software and processes, market leading capacity and turnaround time, as well as deep technical knowledge and expertise.

EAG is a leading North American provider of advanced chemical testing services for pesticides, industrial and household chemicals. It provides end-to-end support for e-fate, metabolism, eco-toxicology and residue studies required for pesticide and chemical regulatory testing to support global registration requirements. The company has extensive expertise to test molecules with highly complex profiles. EAG’s agroscience business is highly complementary to the existing Eurofins agroscience business in terms of capabilities/capacities and particularly geography, making the combined company the only global solution provider capable of providing a full suite of services for our clients in the Chemical industry to perform required research services for government regulatory approvals in North America, Europe, Asia and Latin America. In the biopharmaceutical testing market, EAG adds a highly desirable asset to the Eurofins BioPharma Product Testing group to strengthen Eurofins’ extensive range of small molecule and biologics testing and characterization services to a broad range of biopharmaceutical customers.

Comment from Dr. Gilles Martin, Eurofins CEO: “We are extremely pleased to welcome EAG and its talented teams to the Eurofins Group. EAG’s competencies, reputation for scientific excellence and footprint further strengthen Eurofins’ global offering in the highly attractive biopharmaceutical and agroscience testing markets, with perfect geographic complementarity. In addition, EAG provides Eurofins with an entirely new business line and growth market in material sciences, where the management has developed a robust plan to grow both organically and via acquisitions. We look forward to strengthening their portfolio and operating footprint by providing access to the full range of services and capabilities of the Eurofins Group.”

Comment from Dr. Siddhartha Kadia, President and CEO of EAG Laboratories: “We are proud to have played a crucial role for our customers in many end-markets throughout our history. During the last 4 years, we have made substantial investments into state-of-the-art lab facilities equipped with the best-in-class instrumentation, key scientific talent and industry-leading commercial resources. We share many attributes of Eurofins’ culture including: Scientific Excellence, Focus on serving our Clients and Growth mindset. We are confident that the business is set for a successful and exciting future under the global reach and scientific expertise of Eurofins.”

 

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