Somerset-headquartered optical equipment company Gooch & Housego has snapped up a Kent-based medical device specialist in a deal worth up to £22m.
Founded in 1977, Integrated Technologies Limited is a specialist in the design, development and production of high-quality medical and in vitro diagnostic devices.
ITL is headquartered in Ashford, with manufacturing sites in the Kent town and Shanghai, plus a US client servicing capability based in Virginia, USA.
The acquisition doubles the revenue of Gooch & Housego’s life sciences business.
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The historical annual revenue of ITL was £10m with adjusted operating profit of around £1.5m. The acquisition is expected to contribute in the first full financial year of G&H’s ownership.
Mark Webster, chief executive of Gooch & Housego, said: “This acquisition provides a key step towards achieving our strategic aims of establishing ‘critical mass’ in our life sciences business and moving up the value chain, through a more systems based product portfolio.
“It means we are able to continue to diversify our business, allow G&H access to new high growth markets, as well as reducing, still further, dependency on the historically cyclical micro-electronic sector.
“ITL is a high quality business, with a long standing customer base, excellent engineering capabilities and a strong financial track record.
“We are very much looking forward to working with the management, staff and customers of ITL.”
Date: August 13, 2018
Source: Insider media