Thu, 03 Dec 2020 | BUSINESS SALE
Acquisitive science and technology firm SDI Group has bought Monmouth Scientific, a manufacturer of fume cupboards, biological safety cabinets, laminar flow cabinets and cleanrooms, in a deal worth around £5.8 million.
The acquisition, which is expected to be immediately earnings enhancing, has been partly funded by SDI through the issue of 230,680 new ordinary shares. A cash consideration will be funded via existing resources, as well as SDI’s revolving credit facility with HSBC.
Monmouth Scientific was founded by David and Lisa Pomeroy in 2003. It currently employs 65 staff and is based in Bridgwater, Somerset. The company provides controlled clean air environments for settings across numerous industries, including scientific and medical.
Its biological safety cabinets have been in high demand for COVID-19 testing infrastructure and this uptick in sales is expected to continue for the remainder of the company’s financial year.
Away from COVID-19, SDI considers there to be significant drivers of long-term growth in Monmouth’s products and services. Monmouth Scientific is set to move into a new, larger, purpose-built HQ from 2022. Following the acquisition, David Pomeroy will continue to lead the firm within the SDI Group.
In the year ending March 31 2020, Monmouth Scientific reported £6.2 million in revenue and around £400,000 in EBITDA. At the time, its fixed assets were valued at just over £381,000, with £1.8 million in current assets and net assets of £881,739.
SDI Chairman Ken Ford commented: “Monmouth Scientific is a further step in our group growth strategy. It is a complementary fit with our stable of businesses providing laboratory equipment and generates areas for potential growth.”
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