A Somerset-headquartered manufacturer of biological safety cabinets, fume cupboards, laminar flow cabinets and cleanrooms has been acquired by a listed business in a deal worth up to £5.8m.
Monmouth Scientific, which has been snapped up by AIM-listed SDI Group, specialises in providing controlled clean air environments for scientific, medical and other technical applications.
The company is currently benefiting from high levels demand for the support it provides for Covid-19 testing infrastructure.
Based in Bridgwater, Monmouth Scientific was founded in 2003 by David and Lisa Pomeroy and employs approximately 65 staff. David Pomeroy will continue to lead the company within the SDI Group.
The business is outgrowing its current premises and is expected, following the acquisition, to contract for new and larger purpose-built leased premises locally which have already been identified, and which will enable operating efficiency and production expansion.
SDI chairman Ken Ford said: “Monmouth Scientific is a further step in our group growth strategy. It is a complementary fit with our stable of businesses providing laboratory equipment, and generates areas for potential growth.
“The acquisition is expected to be immediately earnings enhancing. We are delighted to welcome David Pomeroy and his team into the group.”
Total consideration is estimated at £5.8m, excluding cash acquired, and includes an initial sum and a subsequent earnout payment. The amount payable is capped at £6.94m.