US precision technology company Nordson Corporation (Westlake, Ohio / USA; www.nordson.com) has agreed to buy Vention Advanced Technologies (Vention AT, Salem, New Hampshire / USA; www.ventionmedical.com) for USD 705m (EUR 666m) in an all-cash transaction.

Part of Vention Medical, a portfolio company of private equity firm KRG Capital Partners (Denver, Colorado / USA; www.krgcapital.com), Vention AT is a designer, developer and manufacturer of minimally invasive interventional delivery devices, catheters and advanced components for the medical technology market. The company, which employs around 775 people, reported sales of USD 150m and EBITDA of USD 48m for the trailing twelve months ending 31 January 2017.

Nordson said the acquisition is an ideal complement to its existing medical platform and further balances its Advanced Technology Systems segment around less cyclical end-markets. Commenting on the deal, Nordson’s president and CEO, Michael Hilton, said: “This acquisition aligns with the medical growth strategy we have consistently articulated, brings significant scale to what is already one of Nordson’s fastest growing businesses and enhances strategically important capabilities including design and development, extrusion, complex medical tubing and balloon manufacturing, nitinol forming and other speciality material expertise.”

The acquisition provides a footprint in Minneapolis / USA, Ireland and Israel, among others. Pending the usual closing conditions and regulatory clearances, the transaction is expected to close during Nordson’s second fiscal quarter.