Thu, 26 Oct 2023 | BUSINESS SALE
Life-saving technology group Halma has completed a double acquisition for a total maximum consideration of around £46.5 million. The company has acquired Bradford-based Alpha Instrumatics, as well as Sweden-headquartered firm AprioMed AB through its subsidiary IZI Medical Products.
Halma has acquired Alpha Instrumatics for an initial cash consideration of £31 million, as well as an aggregate maximum of £5.5 million in additional earn-out considerations payable based on Alpha’s performance over each of the two financial years up to March 31 2025.
If the total consideration is paid, it would reflect approximately a 5.14x multiple of Alpha Instrumatics’ consolidated unaudited revenue of £7.8 million for the year ending September 30 2023.
Alpha Instrumatics is a designer and manufacturer of devices for the high-precision measurement of trace moisture found in gases. This analysis enables the safer operation of industrial equipment, greater efficiency in the transfer of hydrocarbons and more accurate detection of pollutants.
The firm’s devices are used in several high-growth markets, including the aerospace and industrial gas sectors, as well as in industries aligned with the transition to new energy. The deal aims to extend Alicat’s product offering to existing and adjacent end markets.
Meanwhile, the company has paid SEK 130 million (approximately £10m) for AprioMed AB through its company IZI Medical Products. AprioMed designs, manufactures and distributes devices used in bone biopsies and the acquisition expands IZI’s minimally invasive procedures offering and complements its products used for the diagnosis and treatment of cancer.
Commenting on the acquisitions, Halma group Chief Executive Marc Ronchetti said: "Our companies have access to Halma expertise and capital to support their growth locally and internationally. These bolt-on acquisitions are strongly aligned with our purpose and financial model and will bring complementary capabilities to Alicat and IZI Medical, including new technologies and broader market reach.”
"We are excited by the opportunities we see for new standalone companies to join Halma and for our existing companies to add new capabilities through bolt-on acquisitions to grow their businesses over the long term."
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