M&A Deal Summary

Johnson & Johnson Acquires InnoTech

On March 3, 1997, Johnson & Johnson acquired machinery company InnoTech from Forrest Binkley and Brown and Virginia Capital Partners for 134M USD

Acquisition Highlights
  • This is Johnson & Johnson’s 1st transaction in the Machinery sector.
  • This is Johnson & Johnson’s 26th largest (disclosed) transaction.
  • This is Johnson & Johnson’s 5th transaction in the United States.
  • This is Johnson & Johnson’s 1st transaction in Virginia.

M&A Deal Summary
Date 1997-03-03
Target InnoTech
Sector Machinery
Buyer(s) Johnson & Johnson
Sellers(s) Forrest Binkley and Brown
Virginia Capital Partners
Deal Type Add-on Acquisition
Deal Value 134M USD

Target

InnoTech

Roanoke, Virginia, United States
InnoTech developed and marketed in-office production systems for the fabrication of multi-focal lenses using proprietary molds and resins. The Company was based in Roanoke, Virginia.

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Buyer(S) 1

Buyer

Johnson & Johnson

New Brunswick, New Jersey, United States
Category Company
Founded 1886
Sector Consumer Products
Employees132,000
Revenue 85.2B USD (2023)
DESCRIPTION
Johnson & Johnson's corporate headquarters in New Brunswick, New Jersey.
Johnson & Johnson's corporate headquarters in New Brunswick, New Jersey.

Johnson & Johnson is a global healthcare conglomerate that operates across three primary sectors: Pharmaceuticals, Medical Devices, and Consumer Health. In Pharmaceuticals, it develops treatments for a variety of conditions, including immunology, oncology, and infectious diseases. The Medical Devices segment offers a range of equipment and devices for healthcare professionals, encompassing orthopedics, surgery, and cardiovascular care. Its Consumer Health division markets a wide array of products, spanning baby care, oral care, skin care, over-the-counter drugs, and women's health, with popular brands such as Band-Aid, Tylenol, and Neutrogena under its umbrella. Johnson & Johnson was formed in 1886 and is based in New Brunswick, New Jersey.

DEAL STATS #
Overall 5 of 45
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 4 of 36
State (Virginia) 1 of 1
Country (United States) 5 of 37
Year (1997) 1 of 2
Size (of disclosed) 26 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-01-01 Eastman Kodak - Diagnostics Products Division

Rochester, New York, United States

Eastman Kodak - Diagnostics Products Division is a producer of machines that can run hundreds of chemical tests an hour.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-05-22 Biopsys Medical

Irvine, California, United States

Biopsys Medical, Inc. is a developer, manufacturer and marketer of products for the diagnosis and management of breast cancer.

Buy $310M

Seller(S) 2

SELLER

Forrest Binkley and Brown

Irvine, California, United States
Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Forrest Binkley & Brown (FBB) is a private equity firm focused on investing in middle-market buyouts and growth capital financings in Southern California. FBB prefers to act as the lead investor and looks to partner with management when pursuing acqusitions. Typical investments range from $2 to $6 million per transaction. Forrest Binkley & Brown was formed in 1993 and is based in California, with offices in Irvine and Solana Beach.

DEAL STATS #
Overall 1 of 14
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 1 of 6
State (Virginia) 1 of 1
Country (United States) 1 of 14
Year (1997) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-04-20 Comcore Semiconductor

Calabasas, California, United States

Comcore designs, delivers and supports integrated circuits for high-speed local and wide area networking applications. National Semiconductor purchased Comcore in May 1998.

Sell -
SELLER

Virginia Capital Partners

Richmond, Virginia, United States

Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Virginia Capital Partners (VCP) is a private investment firm that invests in profitable, rapidly growing private companies located in the South Atlantic region of the US. Target businesses are typically valued between $500,000 to $10 million Sectors of interest include business services, healthcare services, media/communications, insurance, and consumer services. Virginia Capital Partners is based in Richmond, Virginia.

DEAL STATS #
Overall 1 of 16
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 1 of 6
State (Virginia) 1 of 8
Country (United States) 1 of 16
Year (1997) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-10-01 PRA Health Sciences

Raleigh, North Carolina, United States

PRA Health Sciences, Inc. is an international clinical research organization. PRA provides services on a contract basis to the pharmaceutical and biotechnology industries. Comprehensive services include the filing of Investigational New Drug (IND) and similar regulatory applications, management and implementation of Phase I through IV clinical trials, preparation and submission of New Drug Applications (NDAs), and post-marketing surveillance on an international basis. PRA was formed in 1976 and is based in Raleigh, North Carolina.

Buy $19M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 Virginia TeleComm Towers

Virginia, United States

Virginia Telecomm Towers acquires, develops, and operates wireless communication towers. The company was sold to a strategic acquirer in 1998.

Sell -
Mergr

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