Waterford-based
Avidity Science, a designer and manufacturer of automated water purification solutions for the biomedical and life sciences industries, has entered into a definitive agreement to be acquired by Ontario, Canada-based
ATS Corporation.
ATS Corporation, a provider of automation solutions, plans to purchase Avidity for $195 million. ATS expects to realize $1.5 million of cost and commercial synergies by year three and $2.6 million of cost and commercial synergies by year five. The transaction is expected to close in the fourth quarter of this year.
"ATS works to support our customers in all areas of life sciences, from research to drug discovery, right through to commercial production," said
Andrew Hider, chief executive officer of ATS Corporation. "Avidity's capabilities provide researchers confidence in their data during key stages of drug discovery, development and testing through their water purification and delivery systems."
Founded in 1969, Avidity makes automated watering systems for environments where strict variable controls are crucial. In the fiscal year 2022, Avidity generated revenues of $81.9 million. The company employs approximately 380 people across six facilities in the United States, United Kingdom, China and Japan.
"This acquisition will bolster our value proposition for both new and existing customers, in addition to aligning well with other accretive acquisitions we have made," said
Prakash Mahesh, group executive for ATS Life Sciences. "It also supports our ATS Life Sciences purpose of positively impacting the quality of life for billions of people around the world."
ATS plans to fund the acquisition with cash and by drawing on its revolving credit facility.
