Brady Corporation Acquires Code Corp.
June 18 2021 - 10:00AM
Business Wire
Brady to Outline Recent Acquisitions in June 18 Webcast
Brady Corporation (NYSE: BRC) (“Brady”) today completed the
acquisition of The Code Corporation (“Code” or the “Company”) for
approximately $173 million. Brady will fund the transaction with
cash on hand and borrowings on its existing revolving line of
credit. Code has forecasted sales of nearly $50 million for Brady’s
first full fiscal year of ownership, which ends July 31, 2022.
Brady anticipates EBITDA from Code of approximately $10 million for
the first full fiscal year ending July 31, 2022, inclusive of
integration-related costs.
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the full release here:
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Code specializes in high-performance barcode readers and
scanning software that provides data capture and powers
track-and-trace applications. Founded more than 20 years ago, the
bulk of Salt Lake City-based Code’s sales are in U.S. healthcare.
The Company is expanding its barcode reader portfolio with devices
for industrial track-and-trace applications. Brady is a leader in
high-performance niche application industrial printers and
materials; acquiring Code will optimally position Brady as a
full-service provider of industrial track-and-trace
applications.
“Code is a highly regarded brand for its offering of durable,
high-performance barcode scanners,” said Brady’s President and
Chief Executive Officer, J. Michael Nauman. “The addition of Code’s
high-quality complementary product offering to Brady’s already
existing leadership position in niche application industrial
printers and materials will accelerate Brady’s expansion in the
industrial track-and-trace market. Once integrated, our complete
service offering in these faster-growing end markets should
accelerate Brady’s overall growth profile. We also intend to
increase investments in research and development and increase
Code’s addressable market through Brady’s global footprint
throughout Europe, Asia and the Americas.”
Kent Hansen, Code CEO, stated, “Over the last several years,
we’ve expanded our product offering, developed strong software
solutions, expanded our patent portfolio, and have secured a strong
position in the healthcare industry. We are proud of what we’ve
accomplished at Code. The sale of Code to Brady, a market leader in
printing and materials, is a very exciting next chapter for The
Code Corporation. Brady’s strong presence in both healthcare and
industrial settings will most certainly open up many more
opportunities than those that would have been available to us as an
independent company. We believe that the sale to Brady provides an
unparalleled opportunity for future growth, access to new markets
and access to new customer sets.”
About Code Corporation For more than 20 years, Code
Corporation has been an industry pioneer, leader, and champion for
data capture innovation and has garnered more than 100 patents. By
crafting and continuing to perfect its unique decoding algorithms,
Code and its line of image-based scanning and decoding technology
consistently deliver unparalleled performance that companies around
the world depend on every day. Code designs and manufactures a
complete line of market-leading hardware and software data capture
solutions. Code products are not only valued for providing a
consistent level of workflow efficiency year after year, but also
for their ergonomic design, durability, ease of customization, and
seamless integration. Code is headquartered in Salt Lake City, Utah
with offices in Boston and Amsterdam. For more, please visit
www.codecorp.com.
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Media Contact: Tim Rush Springboard5 801-208-1100
tim.rush@springboard5.com
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