News Article

Holliston life sciences firm acquires 2 for $11M
Date: Oct 01, 2014
Author: Emily Micucci
Source: Worcester Business Journal ( click here to go to the source)

Featured firm in this article: Harvard Bioscience Inc of Holliston, MA

Harvard Bioscience Inc. (NASDAQ:HBIO), a Holliston-based manufacturer of life sciences equipment, has acquired two companies for a total of $11 million, the company announced Wednesday. The deals are expected to boost the company's electrophysiology business.

The newly-acquired companies are privately-held life sciences firms. Multi Channel Systems (MCS) GmbH is headquartered in Reutlingen, Germany, and makes instruments used in extracellular recording and stimulation. The sale price was $9.46 million, according to Harvard Bioscience.

Triangle BioSystems Inc. (TBSI) is headquartered in Durham, N.C., and sold for $1.6 million, the company said. Triangle makes equipment to aid neuroscience research.

"With the acquisitions of MCS and TBSI, Harvard Bioscience becomes a true global leader in both academic research and drug discovery. Building on the momentum of these acquisitions and our existing electrophysiology business, we will leverage and further strengthen (our) global sales, marketing and distribution capability," said Jeffrey Duchemin, CEO of Harvard Bioscience.

The two acquisitions are expected to add between $7.5 million and $8.5 million in revenue in 2014, the company said. In fiscal 2013, ended December 31, the company generated $105.2 million in revenue, according to a company filing.

Joining the company on behalf of MCS are its founders, Karl-Heinz Boven and Andreas Moller. They will become directors of MCS, now a subsidiary of Harvard Bioscience.

Meanwhile, James Morizio, former majority owner and president of TBSI, will become director of research and development of Harvard Bioscience's wireless platform business.