SDI Group plc acquired Monmouth Scientific Limited for £5.8 million.
December 02, 2020
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SDI Group plc (AIM:SDI) agreed to acquire Monmouth Scientific Limited for £5.8 million on December 2, 2020. The consideration includes a payment of £2.46 million in cash, £0.2 million in SDI ordinary shares equating to 230,680 shares, payment of £1.6 million in cash shortly after completion, equivalent to the net tangible assets of Monmouth Scientific at completion and which net tangible assets are estimated to include £0.6 million of cash and an earnout payment of £2.1 million in cash payable after March 31, 2021. The shares issued are subject to a one-year lock-in agreement. The total consideration is capped at £6.94 million including £0.6 million cash.
The cash consideration will be funded from existing cash resources and from the SDI Group's existing revolving credit facility with HSBC UK Bank. Post completion, Monmouth Scientific is expected to join SDI's Sensors and Controls reporting segment. For the year ended March 31, 2020, Monmouth Scientific achieved unaudited revenues of £6.2 million, and unaudited EBIT of £0.4 million. The acquisition is expected to be immediately earnings enhancing for SDI Group. Ed Frisby, Kate Bannatyne, Andrew Burdis and Sunila de Silva of FinnCap acted as a financial advisor to SDI Group.
SDI Group plc (AIM:SDI) completed the acquisition of Monmouth Scientific Limited on December 2, 2020.
SDI Group plc is a United Kingdom-based company that designs and manufactures scientific products for use in applications, including life sciences, healthcare, astronomy, consumer manufacturing and art conservation markets. The Company operates through two segments: Digital Imaging and Sensors & Control. The Digital Imaging segment includes Synoptics brands Syngene, Synbiosis, and Fistreem International, the Atik Cameras brands, Atik, Quantum Scientific Imaging, and Opus Instruments, and Graicules Optics. These businesses offer customer applications, technology, and production location. The Sensors & Control segment combines its Sentek, Astles Control Systems, Applied Thermal Control, Thermal Exchange, MPB Industries, Chell Instruments, Monmouth Scientific, Uniform Engineering, Scientific Vacuum Systems, Peak Sensors, LTE Scientific and Safelab Systems businesses. These businesses provide products that enable accurate control of scientific and industrial equipment.