IMI announced the acquisition of B&R Holding (Bopp & Reuther) for an enterprise value of EUR 152.6M. Bopp & Reuther would now become part of IMI’s Critical Engineering division. In the calendar year 2013, its revenues were EUR 90M and EBITDA was EUR 11.2M with an improved performance expected in 2014.
Bopp & Reuther, a global control valve producer, is based in Germany. It specialises in the design and manufacture of control and safety valves for the power generation industry. Its product portfolio includes both configured and semi-severe valve technologies and in recent years, it has extended its geographic reach and has a large customer base across China, India and Korea. The company is privately owned and, following the acquisition, Bernard Engel and the management team will remain with the business.
The transaction is expected to significantly enhance IMI’s presence in the growing power sector, and increase exposure to emerging markets, in particular China and India. The acquisition would also extend the Critical Engineering division’s existing product range to include complementary semi-severe valve products and technologies and provide access to new higher-margin aftermarket opportunities from Bopp & Reuther’s existing installed base.
