JM announces sale of Diagnostic Services

Johnson Matthey PLC
03 May 2023


Johnson Matthey announces the sale of Diagnostic Services to Sullivan Street Partners and Souter Investments

3rd May 2023



·     Johnson Matthey announces the sale of Diagnostic Services to Sullivan Street Partners and Souter Investments for £55 million in cash


·      Completion expected in the third quarter of 2023


·      Execution of the divestment programme is on track to deliver targeted proceeds of at least £300 million by 31st March 2024


Johnson Matthey (JM) today announces the sale of Diagnostic Services, a business providing specialised detection, diagnostic, and measurement solutions. Diagnostic Services is a part of JM's Value Businesses and has been identified as non-core to JM's growth strategy.


Diagnostic Services will be sold to Sullivan Street Partners, a UK based Europeanmid-market private equity investor that has partnered with long term investor, Souter Investments, a Scottish based private family investment office, for £55 million. Sale proceeds are payable in cash at completion which is subject to customary completion conditions. Completion is expected in the third quarter of calendar 2023.


In the year ending 31st March 2022, Diagnostic Services reported external sales of £55 million, operating profit of £4 million and net assets of £35 million. A small accounting loss on sale is expected.


The divestment of Diagnostic Services is another transaction which progresses the delivery of one of JM's strategic milestone commitments, to complete the divestment of Value Businesses by 31st March 2024.




Note: JM's Diagnostic Services business is also known as "Tracerco".



About Johnson Matthey

Johnson Matthey is a global leader in sustainable technologies, catalysing the net zero transition. With over 200 years of sustained commitment to innovation and technological breakthroughs, we improve the performance, function and safety of our customers' products. Our science has a global impact in areas such as low emission transport, energy, chemical processing and making the most efficient use of the planet's natural resources. Today, about 13,000 Johnson Matthey professionals collaborate with our network of customers and partners to make a real difference to the world around us. For more information visit


About Sullivan Street Partners

Founded in 2010, Sullivan Street Partners focuses on primary lower mid-market buyouts, taking an operationally intensive and risk-pricing approach to complex situations in the UK and Ireland. The firm operates across various sectors including industrials, consumer, healthcare, business services, facilities management, and financial services. Sullivan Street plays an active role in its portfolio companies and has a strong track record of operational improvement in the businesses it backs. Sullivan Street typically takes ownership or controlling stakes in companies through investing £20m to £50m of equity. For more information visit


About Souter Investments:

Souter Investments is one of the UK's leading family investment offices specialising in private equity.  Founded in 2006, Souter has invested over £500m in more than seventy unquoted companies, and currently has significant investments in over thirty-five businesses, acting either as the lead investor or as a partner for other financial sponsors.

Portfolio companies include Suir Engineering, a leading provider of innovative mechanical, electrical and instrumentation engineering solutions; Akixi, which provides cloud-based call and contact analytics solutions under a SaaS model; Amey, one of the UK's largest infrastructure services and engineering companies; LIKEZERO, a software business providing next generation data capture and contract analysis solutions to the financial services sector; and, voluntary carbon markets specialist Climate Impact Partners, which works with leading corporates, NGOs, and governments to deliver solutions for climate impact ensuring organisations meet their carbon neutral, net zero and renewable energy goals. For more information visit





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Johnson Matthey Plc is listed on the London Stock Exchange (JMAT)

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