London based Judges Scientific makes its biggest acquisition yet with support from Lloyds bank

Judges Scientific plc, the London-based AIM-listed group focused on acquiring and developing companies in the scientific instrument sector, has bought Geotek Holding Limited and Geotek Coring Limited (“Geotek”), a world-leading developer and manufacturer of instruments and services for the analysis of geological cores.

Alex Hambro, Chairman of Judges Scientific, commented, “our twentieth and largest acquisition so far brings on board a world-leading business in a focused global niche, providing top-quality products and services which are essential for the improvement of geophysical knowledge.”

The transaction, for a consideration of up to £80m, represented an opportunity for Judges Scientific to acquire a complementary business that will materially uplift earnings and deliver strong shareholder value.

The cash consideration for the acquisition is being financed from a new £100m club facility led by long-term banking partner Lloyds Bank. This new financing facility, consisting of a revolving credit facility, term loan and accordion, will also provide Judges Scientific with financing capacity for future acquisitions and growth.

The acquisition of Geotek marks Judges’ 20th since its inception in 2005. The group’s acquisitions to date have been primarily UK based, with products such as calorimeters and accessories for electron microscopy sold worldwide to a diverse range of markets including higher education institutions, scientific communities, manufacturers and regulatory authorities.

The UK is a recognised worldwide centre of excellence for scientific instrument development and manufacture, characterised by more than 2,000 privately-held related businesses.

Judges Scientific has a current annual turnover of around £100m and employs more than 500 staff.

Alex added that the acquisition, “fits within our disciplined acquisition strategy and we are delighted to welcome the Geotek team to the Judges family. Lloyds Bank has been with us from the very start and this latest backing show its continued desire to get behind the group’s trajectory.”

Eleanor Cox, Head of Manufacturing, Wholesale & Industrials at Lloyds Bank, added: “This is a landmark transaction at an exciting time for Judges Scientific. The acquisition represents a good growth opportunity for the group and extends Judges’ competency into a complementary area of geotechnical instruments and services.

“Having supported Judges through its successful growth to date, we will remain firmly by its side as it takes the next steps on its journey.”