e2v Technologies acquires Gresham Scientific Instruments
JULY 28--e2v technologies (Chelmsford, UK;www.e2v.com) announced the acquisition of Gresham Scientific Instruments. Gresham, based near High Wycombe in the UK (www.gsinst.com), is an independent manufacturer of x-ray detectors and associated products for energy dispersive x-ray and x-ray fluorescence spectrometry. These products are primarily utilized within scanning and transmission electron microscopes that are used in a wide range of applications in the scientific arena and also in wider industrial applications such as mining and the detection of harmful heavy metals in food. The company supplies products worldwide to OEMs, industrial and scientific end users, and accelerator research laboratories. More than 70% of sales are exported.
In addition, Gresham is the UK distributor for the range of Skyscan micro-CT scanner systems that are used in nondestructive 3-D x-ray imaging. Tony Bosley, managing director of Gresham, will continue to run the business on a day-to-day basis and retain responsibility for delivering the planned growth.
The acquisition of Gresham introduces new technologies and products to e2v's sensors portfolio supplying into the high-growth medical and science sector. e2v provides Gresham with further opportunities for growth due to its established presence in the US market and its well-developed global distribution channels.
In its audited accounts for the year ended 31 March 2005, Gresham had sales of £2.6 million. The sales growth in the year ended 31 March 2005 was 16%, and in the past six months the company has reached agreement with a number of customers, which underpin significant growth for the business over the next few years. Sales in Q1 2006 are currently 39% ahead of the same period in 2005. EBIT and Net assets at 31 March 2005 were £0.4m and £1.4 million, respectively.
e2v is acquiring Gresham for a consideration of £5.1 million, drawing from a bank facility arranged at the time of the IPO in July 2004. The final consideration payable is subject to preparation of completion accounts, but adjustments are not expected to be material.