Acquisition of Henniker Scientific Limited

RNS Number : 0490V

Judges Scientific PLC

03 April 2023

 

3 April 2023

Judges Scientific plc

("Judges Scientific", "Judges", the "Company" or the "Group")

Acquisition of Henniker Scientific Limited

Judges Scientific, a group focused on acquiring and developing companies in the scientific instrument sector, announces that it has acquired 100% of the issued share capital of Henniker Scientific Limited ("Henniker" or the "Acquisition"), a company specialising in deposition and plasma technology based in Runcorn, Cheshire.  The Board expects the Acquisition to be immediately earnings enhancing. 

The initial consideration for Henniker is £1.8 million in cash plus an earn-out payment due in 2024 and equal to four times EBIT for the year ended 31 March 2024 minus £1.8 million. The total consideration, cash plus earn-out is capped at £2.3 million, which would be achieved if EBIT for 2023/2024 equals £578,000.  An additional payment will be made to reflect any excess working capital over and above the ongoing requirements of the business, which the Board expects to be covered by the cash inherited at the completion date. 

The consideration for the Acquisition and associated transaction costs have been funded from the Group's cash balances.

Alex Hambro, Chairman of Judges, said: "We are pleased to welcome the Henniker team to the Judges family. The Board believes that Henniker is a solid, growing and profitable company manufacturing quality products."

Information on Henniker

Henniker specialises in the design and manufacture of instruments used for plasma surface treatment, it also provides plasma depositions services based on the instruments.

Henniker was established in 2009 by Terry Whitmore and was owned by Terry and his wife Clare. Terry will remain as managing director of Henniker post-completion.

  For further information please contact:

Judges Scientific plc David Cicurel, CEO Brad Ormsby, Group FD Tel: [phone]	Shore Capital (Nominated Adviser & Joint Broker) Stephane Auton Iain Sexton Tel: [phone]
Liberum (Joint Broker) Edward Mansfield William Hall Tel : [phone]	Investec Bank plc (Joint Broker) Virginia Bull Carlton Nelson Tel: [phone]
Alma PR (Financial Public Relations) Sam Modlin Justine James Joe Pederzolli Tel: [phone] [e-mail]

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing companies in the scientific instrument sector.  The Group now consists of 21 businesses acquired since 2005.

The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, scientific research facilities, manufacturers and regulatory authorities.  The UK is a recognised centre of excellence for scientific instruments.  The Group has received five Queen's Awards for innovation and export.

The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.

Judges Scientific maintains a policy of selectively acquiring businesses that generate sustainable profits and cash.  Shareholder returns are created through the reduction of debt, organic growth and dividends.

For further information, please visit www.judges.uk.com

 

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