The owners of Biokinetics successfully gained ownership of the company through a management buyout though suspected that future growth would likely require the resources of a strategic buyer. They had been approached by several large engineering firms, at least half of whom were interested in using Biokinetics as a way to establish a foothold in the U.S. market.
Initially, the owners of Biokinetics enlisted BCMS to manage the transaction through a Negotiation Only service. However, BCMS ended up contacting a number of additional potential buyers on behalf of Biokinetics, generating negotiation meetings with several additional parties. The strength and strategic fit of each of potential buyers lead to the owners of Biokinetics to consider bids from several different companies. In the end, Bermuda-based Foster Wheeler proved to be the winner.
The strength and strategic fit of each of potential buyers lead to the owners of Biokinetics to consider bids from several different companies.
Umberto della Sala, President and Chief Operating Officer of Foster Wheeler Ltd. commented, “This acquisition is part of Foster Wheeler’s overall strategy to complement organic growth with highly targeted acquisitions. We believe that the combination of our two companies’ skills and experience will add value to pharmaceutical companies developing projects in the U.S. and internationally.” This acquisition enabled Foster Wheeler to re-establish its position in the North American pharmaceutical market and strengthens its position relative to key U.S. pharmaceutical companies seeking to invest in the U.S. and globally.
The owners of Biokinetics decided to accept the offer from Foster Wheeler because they believed that the acquisition would provide the market presence and capitalization to utilize their skills throughout the world. The synergies between the two companies ensured that Biokinetics and its staff would have a bright future and a stronger overall footprint in all major pharmaceutical producing countries.
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Process systems design for the biopharmaceutical industry