SDI gets winter warmer with £1m thermal acquisition
Scientific Digital Imaging plc in Cambridge has acquired fellow UK business Thermal Exchange Ltd to bolt on a lucrative new vertical market for the ambitious AIM-quoted group.
SDI will pay just under £850k but an additional cash payment for net assets at completion will push the total price over the £1m mark.
Thermal Exchange designs, builds and distributes process cooling and temperature control equipment for industrial, medical and scientific applications
For the year ended September 30, it achieved revenue of £1.40m, gross profit of £0.95mm and profit before tax of £0.21m.
SDI’s board has identified areas within TE with potential for growth, particularly in combination with the skills and resources within Applied Thermal Control, SDI’s recently acquired business specialising in process cooling and control equipment.
The deal is expected to be earnings enhancing in its first full year of ownership.
SDI chairman Ken Ford said: “Thermal Exchange represents another step in our group growth strategy and is a complementary fit providing potential areas for growth alongside a talented workforce.
“The acquisition is in line with our previously announced strategy of organic and acquisitive growth and is expected to be earnings enhancing in its first full year of ownership.”
SDI designs and manufactures scientific and technology products for use in digital imaging and sensing and control applications – including life sciences, healthcare, astronomy, manufacturing and art conservation.