IBEX acquires Bio-Research Products

In Canada, IBEX Technologies has acquired Bio-Research Products, an Iowa-based maker of specialized reagents. BRP specializes in the production of enzymes, lectins, protease inhibitors, organics, substrates and assay solutions for diagnostic, industrial and research use. Manufacturing is conducted in 10,000 sq. ft. facility with fermentation capability up to 300L.

The shareholders of BRP will receive US$2,000,000 in cash and future earn out to a maximum of US$700,000. IBEX funded the acquisition from its cash reserves, but expects to obtain a mortgage of approximately US$1,000,000 on BRP’s land and buildings, for a net IBEX outlay of US$1,000,000 in cash for the acquisition.

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