Allen-Vanguard buying Med-Eng

Allen%20Vanguard.jpgAllen-Vanguard Corp. is acquiring local competition Med-Eng Systems Inc. for $650 million, having signed an agreement with the shareholders of the personal protective systems manufacturer to purchase all its shares. Allen-Vanguard, a bomb detection and disposal equipment maker, placed the winning bid in a limited auction process to sell Med-Eng, which is owned by two private equity firms.Med-Eng.JPG “Med-Eng is clearly an exceptional strategic fit with Allen-Vanguard and meets our other stated acquisition criteria of scale, geographic balance and strong growth and earnings visibility,” says Allen-Vanguard CEO David Luxton. The combined sales of the two companies are expected to reach $500 million in fiscal 2008.

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