Daily Local News (West Chester, PA)
Ametek buys Minnesota company
Ametek Inc. of Berwyn and Mocon Inc. of Minneapolis announced Monday they have entered into a definitive merger agreement under which Ametek will acquire all of the outstanding shares of common stock of Mocon at a price of $30 per share in cash, which represents a premium of 39 percent to Mocon’s closing share price on Thursday.
The value of the transaction is approximately $182 million. The transaction was unanimously approved by the Mocon’s board of directors.
Founded in 1963, Mocon is a leading provider of laboratory and field gas analysis instrumentation to research laboratories, production facilities and quality control departments in food and beverage, pharmaceutical, and industrial applications. For the calendar year ending Dec. 31, 2016, Mocon had sales of approximately $63 million.
The transaction is expected to be completed in the late second quarter or third quarter of calendar year 2017.
Ametek is a global manufacturer of electronic instruments and electro-mechanical devices with annual sales of approximately $4.0 billion.
Law firm Stroock & Stroock & Lavan represented Ametek in the transaction. Stroock has represented Ametek in several strategic middle-market acquisitions, including its approximately $280 million purchase of Zygo Corp.
Malvern man named to board at Mann
The Mann Center for the Performing Arts in Philadelphia announced Michael W. Banks, James Smart and Stephen Levick as the newest members of the board of directors. Banks is president of the African-American Chamber of Commerce, or AACC, for Pennsylvania, New Jersey and Delaware. Smart, of Malvern, is a partner at Marcum LLP’s Philadelphia office and Levick is a general partner for the Major League Baseball team the Tampa Bay Rays.
“We are thrilled to have three new talented individuals join our board of directors at the Mann,” said Catherine M. Cahill, president and CEO of the outdoor performing center. “Each brings a unique set of skills and experiences, as well as a deep love of the arts, that will elevate our already diverse board. We know that their insight and expertise will help the Mann continue to innovate and remain the leading outdoor concert venue and center for arts and cultural education in Philadelphia and the region.”
A native Philadelphian, Smart joined Marcum in 2015 via the firm’s merger with Smart Devine, a leading full-service accounting firm which he founded in 2010. Prior to Smart Devine, he founded Smart & Associates, which became the 21st largest accounting firm in the U.S. and fifth largest in Philadelphia. Smart’s entrepreneurial and humanitarian endeavors have secured him various awards, including the Eagles Fly for Leukemia Humanitarian Award and Beta Gamma Sigma Lifetime Leadership Award from La Salle University.