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