Elektron completes Queensgate Nano sale to Prior Scientific Instruments
Cambridge product design hothouse Elektron Technology has completed the sale of the wholly owned trade and assets of Queensgate Nano to Prior Scientific Instruments for an initial £0.8 million cash.
Elektron will be due a further cash payment of 50 per cent of Queensgate product sales in excess of £0.9m in the 12 months ending on the first anniversary of completion of the sale, subject to a maximum further payment of £0.8m.
The disposal is in line with the quoted group's strategy to rationalise its portfolio in order to focus on Bulgin, Checkit and Elektron Eye Technology, says CEO John Wilson.
The disposal will be earnings accretive and the cash proceeds will be used by Elektron for working capital purposes.
Queensgate is a specialist nanopositioning business spun out of a ground-breaking research programme at Imperial College London. It develops frictionless drive and guiding systems for all organisations including the aerospace and biotech industry.
International law firm Mills & Reeve advised Cambridge-based Prior Scientific Instruments on the acquisition.
Prior Scientific is a global leader in the design and manufacture of precision positioning devices, optical systems, automation solutions, and components with offices in Cambridge, the US, Germany, Japan and China.
Thomas Freda, CEO of Prior Scientific said: “We have been very impressed with the expertise and professionalism of Mills & Reeve and their dedication to meet a demanding deadline and finish this deal on time.”
Anthony McGurk, partner at Mills & Reeve said: “Prior Scientific are a new client for us and we were delighted to be able to work with them on this exciting acquisition for the business.
“This is an important strategic acquisition for Prior Scientific, and will enable them to extend the scope of scientific instrumentation that they are able to provide to their customers.”
• PHOTOGRAPH SHOWS: Elektron CEO, John Wilson