FTL Seals Technology sold to IDEX Corporation

Listed US corporate IDEX Corporation (NYSE: IEX) has acquired Leeds-based FTL Seals Technology, Ltd (FTL), a UK leader in the design and application of high integrity rotary seals, specialty bearings, and other custom products for the oil & gas, mining, power generation, and marine markets. FTL was acquired for cash consideration of approximately £24m, with Initium acting as lead advisors to the shareholders of FTL.

This deal is another good example of Initium’s ability to connect its clients with major global acquirers

FTL delivers engineered sealing solutions and complex component designs that increase performance in critical pump, valve and hydraulic applications. Under the terms of the transaction, FTL will operate with Precision Polymer Engineering (PPE), within IDEX’s Health and Science Technologies segment.

Based in Northbrook, Illinois, IDEX Corporation is an applied solutions company specialising in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products. Its products are sold in niche markets to a wide range of industries throughout the world, and the business reported revenues in excess of $3bn.