IDEX Corporation is acquiring Eerbeek-based micro-precision specialist Muon Group. The American industrial conglomerate has entered into a definitive agreement with current owner Rivean Capital, a European mid-market private equity firm that acquired the Dutch company in 2018. IDEX is paying 700 million euros in cash.
Muon manufactures highly precise flow paths in a variety of materials that enable the movement of liquids and gases in critical applications for medical technologies, semiconductor, food processing, digital printing and filtration. The group includes Louwers Hanique (Hapert), Veco (Eerbeek), Millux (Wijchen), Tecan (UK) and Atul (India), which have technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics. Together, the companies have over 300 employees and expect FY 2022 sales of approximately 140 million euros.
IDEX makes thousands of products and mission-critical parts that improve everyday life. Its portfolio includes the Viking internal gear pumps used in candy factories, the Hurst Jaws of Life rescue tools used by emergency workers and components for DNA sequencing equipment. Founded in 1988 with three small, entrepreneurial manufacturing companies, the conglomerate now comprises over 45 diverse businesses around the world, employing more than 8,000 in more than 20 countries and grossing nearly 2.8 billion dollars in annual sales.
Muon will join the Scientific Fluidics & Optics group in IDEX’s Health & Science Technologies segment. “Together, we’ll expand upon a growing platform of IDEX precision technology businesses, including those already part of IDEX Health & Science, with technology and product solutions for similar end-customers,” says IDEX CEO and president Eric Ashleman. “Muon is an IDEX-like business, producing highly engineered products used in mission-critical applications where customers demand exacting quality standards.”
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“We feel that joining forces with IDEX is the best way to secure our long-term growth ambitions,” comments Muon Group CEO Michiel Barendse. “Their decentralized operating model and culture match ours well, and their scale and resources will help us achieve our targets faster.”