Judges Scientific acquires calorimetry devices maker Heath Scientific
By Iain Gilbert
Date: Friday 29 May 2020
(Sharecast News) - Scientific instruments business Judges Scientific has acquired calorimetry devices maker Heath Scientific for £5.3m in cash.
Judges Scientific said on Friday that the acquisition would be funded from its £35m faculty with Lloyds Bank.
In addition to the initial consideration, the AIM-listed group will make potential further contingent considerations of up to £2m - assuming Scientific Heath's adjusted underlying earnings in the financial year ended 30 April or in the 12-month period ending 31 December 2020 exceed £879,000.
The earn-out consideration may be payable in two tranches and the maximum earn-out will be payable if, in either period, adjusted underlying earnings exceed £1.22m.
Another additional payment will also be due if there is an excess cash balance over and above the ongoing requirements of the business.
Chairman Alex Hasbro said: "Heath is a world-leading business in a focused global niche, selling quality products which are indispensable to the safety of the public.
"This cash generative and earnings enhancing acquisition fits within the Judges disciplined acquisition strategy."
As of 1110 BST, Judges Scientific shares were up 4.09% at 5,095p.
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