MSA Safety Incorporated announced that it has entered into a definitive agreement to acquire Bacharach, Inc. and its affiliated companies (Bacharach) from FFL Partners, a San Francisco, California based private equity firm, in a transaction valued at $337 million.
Founded in 1909, Bacharach's has strong expertise in the refrigerant leak detection market with customers in the HVAC-R, food retail, automotive, commercial and industrial refrigeration, and military markets.
"The acquisition of Bacharach accelerates our long-term growth strategy to expand our addressable market in applications that align with MSA's mission and core technologies," said Nish Vartanian, MSA Chairman, President and CEO. Mr. Vartanian added that MSA's gas detection manufacturing Center of Excellence and Bacharach's headquarters are both located in the greater Pittsburgh area.
MSA Senior Vice President and Chief Financial Officer Ken Krause will serve as the Executive Sponsor of the acquisition. In this capacity, Mr. Krause will have oversight of the Bacharach integration process and work to ensure acquisition synergies are achieved.
"The acquisition of Bacharach is an exciting opportunity to add further resilience in our gas detection portfolio," Mr. Krause said.
Matthew Toone, Bacharach CEO commented, "MSA's global reach will play a significant role in driving future growth for Bacharach. With complementary technology, similar missions and a like-minded stance on sustainability and the environment, we see this acquisition as a great match for both Bacharach and for MSA."
The transaction is expected to close in early July, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.
