Scientific Digital Imaging PLC acquired Applied Thermal Control Limited for £1.2 million.
August 23, 2017
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Scientific Digital Imaging PLC (AIM:SDI) acquired Applied Thermal Control Limited (ATC) for £1.2 million on August 24, 2017. As reported, ATC will be acquired for an initial consideration of £0.69 million, with the total consideration (including earn-out) capped at £1.2 million, plus an additional cash payment for net assets at completion. The initial consideration is made up of £0.49 million in cash, plus 0.77 million new ordinary shares issued in the capital of Scientific Digital Imaging equating to £0.2 million at completion. This will be followed by deferred consideration of 4x earnings before interest and taxation on finalisation of ATC's audited accounts for the year ended December 31, 2017. Scientific Digital Imaging has funded the initial cash consideration from existing cash resources together with a £0.45 million loan from NatWest Bank. For the year ended December 31, 2016, ATC reported revenue of £1.2 million, gross profit of £0.76 million and profit before tax of £0.13 million. ATC’s Chief Executive Officer, Robert Poniatowski, will remain in place on completion of the acquisition.
Ed Frisby and Kate Bannatyne (Corporate Finance) and Mia Gardner and Camille Gochez (Corporate Broking) of FinnCap Ltd. acted as financial advisors while Julia Wilson of JW Communications acted as PR advisor to Scientific Digital Imaging.
Scientific Digital Imaging PLC (AIM:SDI) completed the acquisition of Applied Thermal Control Limited (ATC) on August 24, 2017.
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.