It's a bit incongruous, but industrial manufacturing specialist Roper (NYSE:ROP) is now the proud owner of Managed Health Care Associates, a New Jersey-based supplier of services for alternate site health-care providers. The transaction was valued at approximately $1 billion, and was funded from Roper's available cash and borrowings under its credit facility.

MHCA negotiates discounted contracts with pharmaceutical manufacturers and medical equipment suppliers on behalf of nursing home operators, or assisted living facilities that operate outside of a traditional hospital setting.

When the deal was announced last month, Roper's Chairman, President and CEO Brian Jellison said:

MHA's powerful technology tools and proven customer-service model continue to drive growth in their multiple niches. The company has attractive cash return characteristics and generates substantial recurring revenue through long-term customer relationships and very high retention rates.

Roper expects the acquisition to be immediately cash accretive, and it's anticipated it will generate $95 million of EBITDA over the first year, excluding the impact of acquisition-related costs.

Roper is a diversified manufacturer that had almost $3 billion in revenues in 2012.