Spectris buys Austria's Piezocryst for €133.5m
By Michele Maatouk
Date: Thursday 05 Sep 2024
(Sharecast News) - Spectris said on Thursday that it has bought Austria's Piezocryst from AVL for €133.5m (£112.2m).
Based in Graz, Piezocryst has been providing piezoelectric sensors since the 1950s, specialising in high-precision pressure sensors and accelerometers for demanding applications.
Spectris said the company's sensors are known for their quality, durability and precision, helping optimise engines, machines and processes in the harshest of environments.
Piezocryst will join the Spectris Dynamics division and be integrated into the HBK business, expanding HBK's existing product range.
The business is expected to generate sales of €27.5m (£23.1m) in 2024 and an EBITDA margin of around 30%, making the acquisition immediately accretive to both Spectris Dynamics and group margins.
The combination is expected to generate an additional €4.8m (£4m) of EBITDA from synergies by 2027 which, when applied to the expected outturn for 2024, represents an EV/EBITDA multiple of 10.2x.
Chief executive Andrew Heath said: "Piezocryst is a proven, high-quality business that we have long-admired and will broaden our customer offering through its unique and cutting-edge technology, enabling us to further penetrate the high-temperature, high-precision sensor markets. We are delighted to welcome Piezocryst to the group.
"Together with the recently completed acquisitions of SciAps and Micromeritics, 2024 has been a strong year for acquisitions and underpins our commitment to generating long-term shareholder value through disciplined use of our capital. We are focused on delivering on the significant potential of these businesses, including the realisation of synergies, aligned to our strategy to compound growth through value enhancing M&A."
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