Enpro to Acquire Advanced Micro Instruments

CHARLOTTE, N.C. — Enpro Inc. announced that it has entered into a definitive agreement to acquire Advanced Micro Instruments Inc., a leading provider of highly engineered, application-specific analyzers and sensing technologies that monitor critical parameters to maintain infrastructure integrity, enable process efficiency, enhance safety, and facilitate the clean energy transition.

Under the terms of the agreement, Enpro will acquire AMI for $210 million in cash, representing a valuation of approximately 13x normalized 2023 EBITDA.

Based in Costa Mesa, California, AMI serves customers in the midstream natural gas, biogas, industrial processing, cryogenics, food processing, laboratory, wastewater and aerospace markets. The company offers a portfolio of oxygen, hydrogen sulfide and moisture analyzers and proprietary sensing capabilities that detect contaminants in a variety of processes, including natural gas and biogas streams, which enable operators to avoid flaring and, thereby, reduce CO2 emissions.

Upon closing, AMI will be included in the Sealing Technologies segment, adding to the segment’s portfolio of products and solutions that safeguard critical environments. The acquisition is expected to be accretive to segment revenue growth and profitability, in addition to Enpro’s adjusted diluted earnings per share.

“Acquiring AMI, an industry leader, will build on our strategy to invest in products and technologies that safeguard critical environments in key secular growth markets,” said Eric Vaillancourt, president and chief executive officer. “AMI’s innovative analyzer and sensor solutions will add to our existing portfolio of critical process technologies in the Sealing Technologies segment, and this acquisition will be an important step forward in expanding our capabilities into compositional analysis. We look forward to welcoming the talented AMI team to the Enpro family of companies and capitalizing on our combined capabilities.”

“We look forward to joining the Enpro family and this is an exciting next chapter for AMI,” said Kevin Bates, president and chief executive officer of AMI. “AMI fits squarely into Enpro’s portfolio of leading-edge solutions in a variety of growing end markets that have strong technological and applied engineering advantages. Enpro is the ideal partner for us to accelerate our future growth.”

The transaction is expected to close in early 2024, subject to limited closing conditions, including regulatory approvals.