5
SEPTEMBER 2024
SPECTRIS GROUP
PLC
ACQUSITION OF
PIEZOCRYST
Spectris plc (SXS: LSE), the expert
in providing insight through precision measurement, today announces
the acquisition of Piezocryst Advanced Sensorics GmbH ("Piezocryst"
or the "Company") from AVL List GmbH (AVL) for €133.5 million
(£112.2 million). The acquisition of Piezocryst builds on our
long-standing relationship with AVL.
Based in Graz, Austria,
Piezocryst has been a
leading provider of piezoelectric sensors since the 1950s,
specialising in high-precision pressure sensors and accelerometers
for demanding applications. 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. Piezocryst sensing
technology will enhance Spectris Dynamics customer offering across
the automotive, aerospace & defence, energy and industrial
markets. Piezocryst will also benefit from leveraging HBK's
global sales and service network.
The acquisition is strongly aligned
with our strategy for Spectris Dynamics to create the leading,
premium pressure and vibration sensing offering for the most
advanced applications, building on the acquisitions of Dytran and
MicroStrain over the past two years.
Piezocryst is expected to generate
sales of €27.5 million (£23.1 million) in 2024 and an EBITDA margin
of c.30%, making the acquisition immediately accretive to both
Spectris Dynamics and Group margins. The combination is expected to
generate an additional €4.8 million (£4.0 million) of EBITDA from
synergies by 2027 which, when applied to the expected outturn for
2024, represents an EV/EBITDA multiple of
10.2x.
The acquisition is subject to
customary completion conditions and regulatory approvals and is
expected to close around the end of the year.
Andrew Heath, Chief Executive of
Spectris, 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."
Professor Helmut List, CEO of AVL
said:
"HBK is the ideal partner for Piezocryst with the acquisition
providing the next chapter in our
long-standing relationship and a number of exciting opportunities
to further develop our partnership in the years ahead.
The combination with HBK will enable Piezocryst to
strengthen its position in existing markets, penetrate new markets,
while continuing to drive significant technological
advancements."
END
Contacts:
Spectris plc
Mathew Wootton
Investor Relations
Director
+44 7500 078 880
Teneo
Martin Robinson/Giles
Kernick
+44 20 7353 4200
About Spectris
Spectris combines precision with
purpose, delivering progress for a more sustainable world. We
provide critical insights to our customers through premium
precision measurement solutions combined with technical expertise
and deep domain knowledge. Precision is at the heart of what
we do - our leading, high-tech instruments and software equip our
customers to solve some of their greatest challenges to make the
world cleaner, healthier and more productive.
We are focused on two key divisions
- Spectris Scientific and Spectris Dynamics, which are placed in
technology-driven end markets, with strong fundamentals and
attractive growth trajectories. We have leading market positions in
premium segments and employ 7,600 people located in more than 30
countries, all united behind our purpose to deliver value beyond
measure for all our stakeholders. For more information, visit
www.spectris.com.
About Piezocryst
Piezocryst, based in Graz, Austria,
specializes in high-precision pressure sensors, force sensors, and
accelerometers for demanding applications. Established in 2004 as a
spin-off from AVL List, the company has roots in the piezoelectric
sensor business dating back to the 1950s. Known for their
precision, quality, and durability, Piezocryst's sensors optimise
engines, machines, and processes while preserving global resources.
They maintain their own crystal growth and processing it into their
high-precision products. Fully owned by AVL, Piezocryst employs 175
people from over 10 nations. They manufacture the smallest and most
powerful piezoelectric sensors at their Graz facility, serving
industries such as Formula1, gas turbines, and industrial
applications.