JASPER, Ind., July 01 — Kimball Electronics, Inc. (Nasdaq: KE) today announced the Company acquired Helvoet Polymer Technologies B.V. (“Helvoet”), a Contract Development and Manufacturing Organization (CDMO), based in Europe and with operations in India focused on microfluidics, diagnostics, and drug delivery.
The transaction was valued at a purchase price of €90 million (excluding working capital, other customary adjustments, and acquisition-related costs), or approximately $103 million, representing approximately 9x estimated adjusted EBITDA for Helvoet in calendar 2026. Kimball funded the acquisition through a combination of cash and available borrowing capacity on existing lines of credit. Pro forma leverage following the close remains consistent with the capital allocation priorities of Kimball.
Commenting on today’s announcement, Richard D. Phillips, Chief Executive Officer of Kimball Electronics, stated, “Helvoet is exactly the type of acquisition we’ve been building toward, a highly specialized medical CDMO with comprehensive capabilities in microfluidics, diagnostics, and drug delivery, serving blue-chip customers in the fastest-growing segments of healthcare. The acquisition is central to our strategy of establishing Kimball as a true global medical CMO platform with a strengthened presence in Europe, access to the India market, and a clear path for accelerating growth in the U.S. by leveraging our new manufacturing facility in Indianapolis.”
Mr. Phillips continued, “Today’s announcement is another meaningful step in our journey to expand our CMO capabilities and strategically position the Company with an increased presence and penetration in the medical industry. Over the past three years, we have made deliberate decisions that involved divesting non-core assets, streamlining our network, and strengthening the balance sheet. We are now leveraging that strength with the acquisition of a high-quality business at an attractive valuation. Helvoet has a talented team with strong leadership, and we’re excited to partner together and unlock synergies of the combined business. We believe this will create meaningful long-term value for our shareholders.”
Mr. Phillips and other members of the Kimball management team will be hosting a conference call and webcast on Wednesday, July 1, 2026, at 9:00 AM ET, to provide additional information on the acquisition and answer questions related to the transaction.
Based in the Netherlands, Helvoet was founded in 1939 and most recently operated as a wholly-owned subsidiary of Hydratec Industries N.V., with manufacturing facilities in Tilburg, Netherlands, and Pune, India. In calendar 2025, revenue totaled approximately $56 million with an EBITDA margin rate in the mid-teens. Over 70% of revenue was from medical customers and the balance derived from other end markets that deliver strong margins and support continued reinvestment in the medical business.
Eveline Hogenkamp, Chief Executive Officer of Helvoet, added: “Helvoet has spent decades building something genuinely differentiated — design and engineering savvy, robust materials expertise, highly automated precision manufacturing, and long-term relationships with some of the world’s leading medical companies. Finding the right partner to take this business to the next level was critical, and in Kimball we found just that. Their Indianapolis facility, customer relationships, and operational capabilities are precisely what we need to scale our U.S. presence and win larger, more complex programs. The strategic fit is as strong as any I’ve seen — complementary capabilities, shared values around engineering excellence and quality, and a clear vision for where this business can go. I couldn’t be more excited about what we’re going to build together.”
Helvoet will continue to be led by its current leadership team, including CEO Hogenkamp, who will remain a key driver of the business going forward.
MP Corporate Finance served as the lead financial advisor to Helvoet, and Roth Capital Partners served as the exclusive financial advisor to Kimball Electronics.
Additional information on the acquisition is available in the Kimball Electronics Form 8-K filed with the Securities and Exchange Commission (“SEC”).