Avidity Science, a Waterford provider of lab equipment and water purification systems for scientific research and health care facilities, has agreed to be acquired by a Canadian provider of factory automation for $195 million.
ATS Corp. (NYSE: ATS) of Cambridge, Ontario, announced the deal late last week. In a press release, ATS CEO Andrew Hider said its life sciences customers, which range from drug discovery to commercial production, will gain confidence in their data with Avidity's water purification and delivery systems.
Founded in 1969, Avidity offers automated watering systems for critical environments where strict variable controls and integrity are crucial. It serves a diverse global customer base of pharmaceutical, biopharma, health care, government and academic research facilities. In 2022, Avidity generated revenue of $81.9 million, ATS said in its release. Avidity employs approximately 380 professionals at six facilities in the United States, United Kingdom, China and Japan.
"This acquisition will bolster our value proposition for both new and existing customers, in addition to aligning well with other accretive acquisitions we have made," said Prakash "Cash" Mahesh, group executive for ATS Life Sciences.
The transaction is expected to close in the fourth quarter of 2023, pending completion of customary regulatory filings.
