Idex Corp. to acquire Iridian for C$150M cash consideration

Idex Corp. announced it has entered into a definitive agreement to acquire Iridian Spectral Technologies for cash consideration of C$150M, subject to customary adjustments. The acquisition complements existing IDEX optical coating expertise, allowing IDEX to expand its core capabilities to support current and future markets. "This acquisition strongly supports our strategic growth plan," IDEX Chief Executive Officer and President Eric Ashleman said. "It expands our talent, technology and product portfolio in optical filters, enabling us to better compete in our core markets, and expand into new markets that we believe will drive profitable growth." Privately held and based in Ottawa, Ontario, Canada, Iridian expects fiscal year 2023 sales of approximately C$36M and EBITDA margin in the low 30s.