Judges Scientific snaps up geological analysis firm Rockwash
By Benjamin Chiou
Date: Friday 28 Jun 2024
(Sharecast News) - Scientific instruments group Judges Scientific has spent £2.25m on the purchase of Wales-based Rockwash Geodata, a specialist in rock cuttings and chippings digitalisation.
The digitalisation of rock cuttings samples is used by both the mining and oil and gas sectors, and Rockwash is a market leader in its niche with an automated and patented sample preparation and data capture process, Judges said.
The company said Rockwash has a business that is "strongly synergistic" with the core digitalisation activities of its geological sample digitalisation subsidiary Geotek.
The deal involves £2.25m paid out in cash plus an an earn-out payment due within the next two years equal to six times the adjusted EBIT for the years ended 31 December 2024 (or 2025 if higher) minus £2.25m - though the total consideration will be capped at £6m.
The upfront cash payment and transaction costs have been funded by Judges' bank facilities.
"We are pleased to incorporate Rockwash, a market leader in its niche, into the Judges group," said chair Alex Hambro. "The board believes that the cooperation of Geotek and Rockwash will benefit their customers and the growth of their digitalisation businesses."
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