Bio-Techne Acquires Atlanta Biologicals Inc.
Tuesday, January 9th, 2018
Bio-Techne Corporation announced that it has acquired all of the stock of Atlanta Biologicals, Inc. and its affiliated company, Scientific Ventures, Inc.. The transaction is financed through available cash on hand.
Charles R. Kummeth, President and Chief Executive Officer of Bio-Techne, commented, "Atlanta Biologicals is a great fit with the Bio-Techne product portfolio as we continue to expand our cell culture and tissue regeneration capabilities. Many of our products are used in tissue culture applications and the Atlanta Biologicals fetal bovine serum product line strengthens and complements our current tissue culture reagents offering and furthers our efforts to provide more complete solutions to our research customers. With the increasing interest in 3D cell cultures and other cell based clinical applications, we believe there is value in providing customers alternative and reliable sources of high quality FBS and other tissue culture reagents. Having better tools to study cell behavior in physiologically relevant environments and high quality reagents increases researchers' confidence in the experimental findings."
Atlanta Biologicals President, Renate Gerle, added, "We are confident with the strategic fit between the two companies given our shared commitment to providing quality products and excellent customer service. Atlanta Biologicals is pleased to have Bio-Techne as a partner, enabling us to expand and enhance our products offering. Bio-Techne's resources and additional market channels will have a positive impact on our business and allow us to serve our customers more efficiently both in the North America and globally."
Atlanta Biologicals was founded in 1992 and has focused on supplying cell culture sera, media and reagents for the life science research market. It is located in Flowery Branch, Georgia and has approximately 25 employees. The acquisition is expected to be slightly accretive to Bio-Techne's adjusted earnings per share for its fiscal year 2018.
Fredrikson & Byron, P.A. is serving as Bio-Techne's legal counsel. Benchmark International acted as financial advisor to Atlanta Biologicals. Morris, Manning & Martin LLP served as legal counsel to Atlanta Biologicals.