MOCON (MOCO) Closes $20M Acquisition of PBI-Dansensor
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MOCON, Inc. (Nasdaq: MOCO) reports it has closed the acquisition of PBI-Dansensor A/S (Dansensor) of Ringsted, Denmark, a privately-held leading manufacturer of specialized instrumentation for Modified Atmosphere Packaging (MAP) of foods, beverages, pharmaceuticals, and other perishable items.
The transaction broadens MOCON’s product portfolio in the area of package testing and safety equipment.
MOCON acquired 100 percent of the equity interests of Dansensor for DKK 112,000,000 (approximately $20,000,000) with two-thirds of that amount paid in cash at closing, and the remainder to be paid over four years pursuant to a seller note. To help finance the acquisition, MOCON executed a loan agreement with Wells Fargo Bank, N.A. which provides for a combination of a secured revolving credit line and term debt totaling $8.5 million.
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The transaction broadens MOCON’s product portfolio in the area of package testing and safety equipment.
MOCON acquired 100 percent of the equity interests of Dansensor for DKK 112,000,000 (approximately $20,000,000) with two-thirds of that amount paid in cash at closing, and the remainder to be paid over four years pursuant to a seller note. To help finance the acquisition, MOCON executed a loan agreement with Wells Fargo Bank, N.A. which provides for a combination of a secured revolving credit line and term debt totaling $8.5 million.
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