Our Corporate Finance Team recently assisted BCMS on advising the shareholders of Geotek on the sale of the business to Judges Scientific plc, for a total consideration up to a maximum of £80 million, plus excess cash.
Based in Daventry, UK, and formed in 1989, Geotek specialises in designing and manufacturing high-resolution, non-destructive analysis of geological cores. As a past winner of the Queen’s Award for International Trade, Geotek provides equipment and services to over 40 countries worldwide, generating in excess of 90% of its revenue from export markets.
The acquirer, Judges Scientific plc, is an AIM-quoted group specialising in the acquisition and development of a portfolio of scientific instrument businesses. The Group’s companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, the scientific communities, manufacturers and regulatory authorities.
Judges Scientific maintains a policy to selectively acquire businesses that generate sustainable profits and cash. Shareholder returns are created through the reduction of debt, payment of increasing dividends and through organic growth.
The acquisition of Geotek is Judges Scientific plc’s largest-ever acquisition and the first to derive a substantial proportion of revenues from services. It is also their twentieth acquisition since 2005.
Under the terms of the deal, Geotek’s Managing Director Tony Bosley will remain in post to drive the growth of the business forward. Geotek’s founders (Chairman Peter Schultheiss and Service Director Quentin Huggett) will enter into one-year service contracts.
Commenting on the deal, Kevin Paget, corporate finance director at Menzies LLP, said:
“Geotek is a renowned market leader in its field with an exceptional reputation. It was a pleasure to support BCMS and advise the shareholders of Geotek on this transaction.”
About Menzies Corporate Finance
Our award-winning team take a quality driven, proactive and personal approach to advising transactions. Our corporate finance team will provide you with director-level advice and support, while working alongside other Menzies employees from the wide ranging skill set available within the firm, to ensure that the advice we give encompasses all your needs.