Kimball Electronics has taken a significant step in expanding its medical technology footprint by acquiring Helvoet Polymer Technologies, a European Contract Development and Manufacturing Organization (CDMO) with additional operations in India. Helvoet specializes in microfluidics, diagnostics, and drug delivery, making it a strong strategic fit for Kimball’s growing portfolio in healthcare manufacturing.
The deal carries a purchase price of €90 million, or about $103 million, excluding working capital, customary adjustments, and acquisition-related costs. That valuation works out to roughly 9 times Helvoet’s estimated adjusted EBITDA for calendar year 2026.
Kimball is funding the transaction with a mix of cash and borrowings under its existing credit lines, and notes that its pro forma leverage after the acquisition remains in line with its established capital allocation priorities.
To walk investors and analysts through the details, CEO Richard Phillips and the Kimball management team will host a conference call and webcast on Wednesday, July 1, 2026, at 9:00 AM ET. The call will offer more color on the strategic rationale, financial impact, and integration plans, as well as an opportunity for Q&A on the transaction.
Helvoet brings a long history and strong European base to Kimball. Founded in 1939 and headquartered in the Netherlands, the company most recently operated as a wholly owned subsidiary of Hydratec Industries N.V. It runs manufacturing facilities in Tilburg, Netherlands, and Pune, India.
In calendar 2025, Helvoet generated roughly $56 million in revenue with EBITDA margins in the mid-teens. More than 70 percent of its revenue came from medical customers, with the remainder from other high-margin end markets that help support ongoing reinvestment in the medical side of the business.
Importantly, Kimball plans to keep Helvoet’s existing leadership structure in place. CEO Hogenkamp and his team will continue to lead the organization and are expected to remain key drivers of the business as it operates under the Kimball Electronics umbrella.
On the advisory side, MP Corporate Finance acted as lead financial advisor to Helvoet, while Roth Capital Partners served as exclusive financial advisor to Kimball Electronics on the transaction.
Leadership Comments
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.”
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.”
