Nasdaq-listed Kimball Electronics, a US based contract manufacturing organisation (CMO), has acquired Helvoet Polymer Technologies, a Netherlands-based (CDMO) focused on microfluidics, diagnostics, and drug delivery, from Hydratec Industries. The €90m (US$103m) transaction represents a multiple of approximately 9x estimated adjusted EBITDA for Helvoet in calendar 2026.
“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 US by leveraging our new manufacturing facility in Indianapolis,” said Richard D Phillips, CEO of Kimball Electronics
Based in the Netherlands, Helvoet, founded in 1939, is a CDMO for high-performance components in polymers and elastomers used in critical applications across Health Tech, Food Tech, New Energy, and Mobility. It has manufacturing facilities in the Netherlands and India and a customer base that includes blue-chip medical companies. Over 70% of revenue was from medical customers and the balance derived from other end markets. In calendar 2025, revenue totalled approximately US$56m with an EBITDA margin rate in the mid-teens.
“Finding the right partner to take this business to the next level was critical, and in Kimball we found just that,” said Eveline Hogenkamp, CEO of Helvoet. “Their Indianapolis facility, customer relationships, and operational capabilities are precisely what we need to scale our US presence and win larger, more complex programmes.”
Helvoet will continue to be led by its current leadership team, including CEO Hogenkamp.
MP Corporate Finance served as the lead financial advisor to Helvoet, and Roth Capital Partners served as the exclusive financial advisor to Kimball Electronics.
The deal was funded through a combination of cash and available borrowing capacity on existing lines of credit.
Press release: Kimball Electronics – Kimball Electronics Acquires European-Based Medical CDMO, Helvoet Polymer Technologies B.V.
