25th Oct 2023 10:08
(Alliance News) - Halma PLC on Wednesday said it completed two bolt-on acquisitions which will add to its capabilities in different sectors.
The Buckinghamshire-based safety equipment manufacturer said one of its Environmental & Analysis sector companies, Alicat Scientific Inc, acquired a UK firm Alpha Instrumatics, which specialises in the design and manufacture of devices for high-precision measurement of trace moisture found in gases.
Alicat paid a GBP31 million initial cash consideration for the Bradford-based firm, which brought in GBP7.8 million in revenue in the 12 months that ended September 30. There are also potential earn-out considerations for up to a maximum of GBP5.5 million.
"Alpha Instrumatics' devices are used in growth markets, including the industrial gas and aerospace markets, as well as industries aligned to the new energy transition. This acquisition extends Alicat's product offering in its existing and adjacent end markets," Halma said.
The second acquisition was in Halma's Healthcare sector by its company IZI Medical Products.
IZI acquired AprioMed AB, which designs, manufactures and distributes medical devices used for bone biopsies, for SEK130 million, which is around GBP10 million. AprioMed had revenue of around GBP3.0 million in the 12 months to this past March.
"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," said Halma Chief Executive Officer Marc Ronchetti.
Shares in Halma were down 0.4% at 1,828.67 pence each in London on Wednesday morning.
By Elizabeth Winter, Alliance News senior markets reporter
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