Brady Buys U.K.-based Magicard For About GBP 42 Mln - Quick Facts

(RTTNews) - Brady Corp. (BRC) announced Friday that it has acquired U.K.-based Magicard Ltd. for approximately 42 million British pounds or $59 million. Brady will fund the transaction with cash held outside the United States.

Magicard, with forecasted sales of approximately 23 million pounds or approximately $32 million for the year ending December 31, 2021, is a pioneer of ID card-printing technologies with a full range of desktop devices to meet a wide variety of local, on-demand, secure ID card issuance requirements.

Brady is a leader in high-performance niche application industrial printers and materials. The acquisition of Magicard allows Brady to expand its product offering into rigid-card printing and encoding.

Magicard has a complementary product offering that allows Brady to offer new printing capabilities to a diverse set of customers and industries. It also intends to expand Magicard's addressable market through Brady's global footprint throughout Europe, Asia and the Americas.

Excluding one-time acquisition-related costs, Brady expects this acquisition to be slightly accretive to earnings per diluted share for the remainder of the fiscal year ending July 31, 2021.