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4 October 2018

Smiths Group plc ("Smiths" or “the Group") today announces that it has entered into an agreement to acquire United Flexible, Inc. (“United Flexible”), a provider of flexible and rigid engineered solutions for the transfer of fluids and gases in performance-critical environments, from Arlington Capital Partners for an enterprise value of $345 million.

United Flexible will be integrated into the Group’s Flex-Tek division. The acquisition strengthens Flex-Tek’s positions in aerospace and industrial end markets globally. United Flexible already supports important aerospace platforms, including the A320neo and PW1000G and F135 engines. It has 4 operations in the US and 3 in Europe, which will enhance Flex-Tek’s geographic footprint.

In the 12 months to 31 December 2018, United Flexible is expected to generate sales of $157 million and adjusted EBITDA of $32 million.

The acquisition consideration will be payable from existing cash and bank facilities. Completion of the acquisition is expected to take place in the second half of FY2019 and is conditional upon regulatory clearances in the US, as well as other customary closing conditions.

Andy Reynolds Smith, Chief Executive of Smiths Group, said:

"This acquisition is consistent with our strategy of high-grading the portfolio for growth, through organic and inorganic investment as well as active portfolio management.

Flex-Tek has a track record of consistent delivery, underpinned by strong market positions and operational performance. The acquisition of United Flexible will strengthen Flex-Tek’s position in aerospace and industrial end markets globally.

United Flexible is a high-quality growth business with complementary positions in industrial markets and on a number of growing aerospace platforms. I am delighted to welcome the United Flexible team to Smiths Group.”

Gleacher Shacklock LLP acted as financial adviser to Smiths Group on the transaction.



Investor enquiries

Jemma Spalton, Smiths Group
+44 (0)20 7004 1637
+44 (0)78 6739 0350

Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386

Media enquiries

Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449

Alex Le May, FTI Consulting
+44 (0)203 727 1308
+44 (0)770 244 3312

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

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