06.17.21
Brady Corporation announced that it has acquired The Code Corporation for approxi-mately $173 million. Brady will fund the transaction with cash on hand as well as with borrowings on its existing revolving line of credit.
Code has forecasted sales of approximately $50 million for Brady’s first full fiscal year of ownership, which is for the year ending July 31, 2022. Brady anticipates EBITDA from Code of approximately $10 million for the first full fiscal year ending July 31, 2022, inclu-sive of integration-related costs.
Code specializes in high-quality barcode scanners and the associated software to power track-and-trace applications. The company was founded more than 20 years ago and is headquartered in Salt Lake City, UT. The majority of Code’s sales are into the US healthcare industry.
“Code is a highly-regarded brand for its offering of durable high-performance barcode scanners,” said J. Michael Nauman, Brady’s president and CEO . “The addition of Code’s high-quality complementary product offering to Brady’s already existing leadership posi-tion in niche application industrial printers and materials will accelerate Brady’s expan-sion in the industrial track-and-trace market.”
“The sale of Code to Brady, a market leader in printing and materials, is a very exciting next chapter for The Code Corporation,” added Kent Hansen, CEO of Code. “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 inde-pendent company.”
Code has forecasted sales of approximately $50 million for Brady’s first full fiscal year of ownership, which is for the year ending July 31, 2022. Brady anticipates EBITDA from Code of approximately $10 million for the first full fiscal year ending July 31, 2022, inclu-sive of integration-related costs.
Code specializes in high-quality barcode scanners and the associated software to power track-and-trace applications. The company was founded more than 20 years ago and is headquartered in Salt Lake City, UT. The majority of Code’s sales are into the US healthcare industry.
“Code is a highly-regarded brand for its offering of durable high-performance barcode scanners,” said J. Michael Nauman, Brady’s president and CEO . “The addition of Code’s high-quality complementary product offering to Brady’s already existing leadership posi-tion in niche application industrial printers and materials will accelerate Brady’s expan-sion in the industrial track-and-trace market.”
“The sale of Code to Brady, a market leader in printing and materials, is a very exciting next chapter for The Code Corporation,” added Kent Hansen, CEO of Code. “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 inde-pendent company.”
