Mesa Laboratories Acquires Infitrak in $22M Deal
Mesa Laboratories (Nasdaq: MLAB) announced the acquisition of Infitrak Inc. and its holding company, 2396081 Ontario Inc. (collectively “Infitrak”), located near Toronto, in Markham, Ontario.
Under the terms of the transaction, we acquired all of the outstanding shares of common stock of Infitrak, whose business involves providing consulting, packaging and measuring solutions for cold chain applications. The acquisition price for Infitrak consisted of cash consideration of $12,000,000 CDN (approximately $9,600,000 USD) which is subject to a minor working capital adjustment, and a future contingent payment of up to $15,000,000 CDN (approximately $12,000,000 USD), based on the growth of Infitrak’s cold chain business during the first two years following the acquisition. The acquisition of Infitrak is expected to add approximately $5,500,000 to Mesa’s revenues and to be accretive to our diluted net income per share during the first twelve months.