Brady Corporation and Nordic ID Oyj announced that they have entered into a definitive transaction agreement pursuant to which Brady will launch an all-cash tender offer in Finland to acquire all of the outstanding shares of Nordic ID for €3.30 per share, which equates to a total equity purchase price of €8.1 million ($9.7 million), plus the assumption of external debt of approximately $3 million. Brady Corporation will fund the transaction with cash held outside the United States.
Nordic ID was founded in 1986 and is headquartered in Salo, Finland, and is publicly traded on the Nasdaq First North Growth Market of Nasdaq Helsinki Ltd.
The company specializes in RFID readers, scanners, and the associated software to power track and trace applications within the industrial setting.
“The acquisition of Nordic ID allows Brady to diversify and expand our presence in RFID into attractive new markets with faster organic growth rates,” Brady President and CEO J. Michael Nauman said. “Nordic ID has excellent technology and a complementary product offering to Brady that will help us expand in the fast-growing end markets of track and trace in industrial settings. We intend to increase the R&D efforts at Nordic ID to accelerate new product introductions and to expand its product offering both within and outside of Europe. Nordic ID’s technology combined with Brady’s leading market position in niche application industrial printers and materials makes this an attractive business combination in the fast-growing arena of track and trace applications within the industrial setting.”
“We have expanded and enhanced Nordic ID’s technology by providing solutions that enable our customers to manage their business processes based on intelligent data, which brings transparency to their manufacturing processes and predictability to their operations,” added Juuso Lehmuskoski, CEO of Nordic ID. “The sale of Nordic ID to such a highly-regarded market leader in identification solutions presents an unparalleled opportunity for future growth of the Nordic ID solution to a broad set of customers.”