The acquisition will strengthen the company's supply chain and manufacturing capacity
SARASOTA — Helios Technologies Inc. recently entered an acquisition agreement for Shenzhen Joyonway Electronics & Technology Co. Ltd. and its related entities. Financial terms of the acquisition were not disclosed.
The acquisition agreement includes Joyonway’s electronic control systems and parts business, according to a statement. Joyonway currently operates in Shenzhen and Dongguan in China developing control panels, software, systems and accessories for the health and wellness industry. Helios Technologies is a global leader in highly engineered motion control and electronic controls technology.
“This is an excellent demonstration of our flywheel acquisition strategy,” Helios Technologies President and CEO Josef Matosevic says in the press release. “With the addition of Joyonway, we cost-effectively expand our electronic controls platform with more capabilities, strengthen our supply chain through broader geographic reach, increase our manufacturing capacity to meet growing global demand with the opportunity to improve our margins over time.”
The acquisition is subject to certain pre-closing requirements and is expected to close in the third quarter of 2021.
“Joyonway has validated its expertise with the development of intelligent products for the health and wellness market along with the respect and positive feedback from customers,” Matosevic says in the release. “We are excited about our future opportunities and look forward to welcoming the Joyonway team to the Helios family.”
This is the second acquisition the company has announced in the past year. In October 2020, Helios Technologies announced the acquisition of BWG Holdings I Corp., operating as Balboa Water Group, for $218.5 million.