Brooks Automation acquired 4titude, a manufacturer of scientific consumables for biological sample materials used in a variety of genomic and DNA analytical applications.
Based in Surrey, UK, 4titude sells its products into more than 50 countries worldwide. The total purchase price of the acquisition was approximately $65 million in cash, subject to customary working capital and other adjustments.
Brooks Automation also announced that, concurrent with this acquisition, the company has secured a seven-year senior term loan agreement with a group of institutional lenders, including Morgan Stanley Senior Funding as administrative agent. The agreement immediately funds $200 million onto Brooks’ balance sheet, ensuring liquidity and financing for future acquisitions. Terms of the debt instrument include an interest rate of LIBOR plus 250 bps, 1% amortization per year, no financial covenants, flexibility to repay the loan, and the opportunity to increase it under certain conditions.
Brooks is a worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences.