The NASDAQ-listed biopharma firm diversifies into automotive controls, adding $209.5 million in annual revenue via the deal.
Aspire Biopharma Holdings Inc. (NASDAQ:ASBP) finalized its $30 million cash purchase of Dura Driver Control Systems (DCS), a tier-one supplier of electronic driver controls for vehicle electrification and safety. The acquisition grants Aspire full ownership of DCS, now a wholly owned subsidiary, and expands its business beyond biopharmaceuticals into the automotive market.
DCS reported $209.5 million in audited annual revenue. The deal, announced in June, is expected to immediately boost Aspire’s revenue, earnings, and cash flow. Aspire also secured a $22.5 million senior secured revolving credit facility to fund the transaction, using borrowings alongside existing cash reserves.
Aspire CEO Kraig Higginson stated the acquisition enhances the company’s valuation and scale, adding high-volume revenue streams. RBW Capital Partners served as financial advisor for the deal.