LONDON: IMI plc has acquired TWTG Group B.V., a leader in smart connected asset monitoring solutions for process industries based in Rotterdam, the Netherlands. TWTG will become part of IMI’s Process Automation sector.
The acquisition of TWTG is fully aligned to IMI’s strategy and purpose, Breakthrough engineering for a better world. TWTG’s exceptional portfolio of wireless sensors and integrated software allows plant operators to optimise process performance and profitability.
TWTG will greatly expand IMI’s asset monitoring offering, accelerating Process Automation’s aftermarket business. TWTG’s solutions are being retrofitted for severe service flow control equipment, providing a significant opportunity to scale sales across IMI’s installed base in Process Automation.
The cash consideration of €25m has been funded from IMI’s existing facilities. In the financial year to 31 December 2024 TWTG is expected to generate revenue of c. €8.1m and adjusted EBITDA of c. €2.3m. The transaction fully aligns with the Group’s M&A framework.
Commenting on the acquisition, Roy Twite, Chief Executive Officer of IMI, said: ‘We are really pleased to announce the acquisition of TWTG. TWTG is a fantastic business and a great fit with our Process Automation sector. TWTG’s differentiated product portfolio will greatly expand our asset monitoring offering and there are clear synergies, particularly in the aftermarket. I am delighted to welcome the TWTG team to IMI and look forward to working with them to create value for our customers and grow our business.’
Nadine Herrwerth, Chief Executive Officer of TWTG, commented: ‘We are humbled and excited to become part of IMI. This partnership offers us a tremendous opportunity to scale our innovations globally and broaden our impact with industrial internet of things solutions. By combining our strengths, we will continue to push the boundaries of automation and digitalisation, which is where both companies’ purposes converge.’