Protective solutions manufacturer Ansell has agreed to make its biggest acquisition ever, and will buy Illinois-based disposable glove maker BarrierSafe Solutions International for $US 615 million.
Ansell acquired BSSI from a group led by private equity firm Odyssey, who had owned it since 2011. The Australian glove and condom manufacturer was advised by UBS.
Ansell currently sees 31 per cent of its revenue from the North American market, though this is predicted to increase to 42 per cent with the acquisition.
We felt we needed to strengthen our position further and it's a business that adds some significant skills to the Ansell portfolio," said CEO Magnus Nicolin.
"We are very excited about this organisation. It is a very strong, very profitable company and it is a rare opportunity because there aren't too many sizeable companies in the space."