LONDON: Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, today announced the acquisition of Piezocryst Advanced Sensorics GmbH from AVL List GmbH (AVL) for €133.5 million (£112.2 million). 

The acquisition of Piezocryst builds on our long-standing relationship with AVL.

Based in Graz, Austria, Piezocryst has been a leading provider of piezoelectric sensors since the 1950s, specialising in high-precision pressure sensors and accelerometers for demanding applications. The Company’s sensors are known for their quality, durability and precision, helping optimise engines, machines and processes in the harshest of environments. 

Piezocryst will join the Spectris Dynamics Division and be integrated into the HBK business, expanding HBK’s existing product range.  Piezocryst sensing technology will enhance Spectris Dynamics customer offering across the automotive, aerospace & defence, energy and industrial markets.  Piezocryst will also benefit from leveraging HBK’s global sales and service network. 

The acquisition is strongly aligned with our strategy for Spectris Dynamics to create the leading, premium pressure and vibration sensing offering for the most advanced applications, building on the acquisitions of Dytran and MicroStrain over the past two years. 

Piezocryst is expected to generate sales of €27.5 million (£23.1 million) in 2024 and an EBITDA margin of c.30%, making the acquisition immediately accretive to both Spectris Dynamics and Group margins. The combination is expected to generate an additional €4.8 million (£4.0 million) of EBITDA from synergies by 2027 which, when applied to the expected outturn for 2024, represents an EV/EBITDA multiple of 10.2x.  

The acquisition is subject to customary completion conditions and regulatory approvals and is expected to close around the end of the year.

Andrew Heath, Chief Executive of Spectris, said: “Piezocryst is a proven, high-quality business that we have long-admired and will broaden our customer offering through its unique and cutting-edge technology, enabling us to further penetrate the high-temperature, high-precision sensor markets. We are delighted to welcome Piezocryst to the Group.

Together with the recently completed acquisitions of SciAps and Micromeritics, 2024 has been a strong year for acquisitions and underpins our commitment to generating long-term shareholder value through disciplined use of our capital. We are focused on delivering on the significant potential of these businesses, including the realisation of synergies, aligned to our strategy to compound growth through value enhancing M&A.”

Professor Helmut List, CEO of AVL said: “HBK is the ideal partner for Piezocryst with the acquisition providing the next chapter in our long-standing relationship and a number of exciting opportunities to further develop our partnership in the years ahead.

The combination with HBK will enable Piezocryst to strengthen its position in existing markets, penetrate new markets, while continuing to drive significant technological advancements.”