Spectris acquires ESG for £36m
Instrumentation and controls group Spectris has completed the acquisition of Canada-based Engineering Seismology Group (ESG) for £36m.
The takeover will be funded by existing cash and bank facilities, while ESG could receive an additional payment based on the achievement of specified sales growth target within the next three years.
"ESG is a good strategic addition to Spectris' Test and Measurement segment as it is a leader in a niche high-growth, productivity-enhancing technology," said Spectris' business group director Eoghan O'Lionaird.
"We believe there is a significant opportunity for ESG to strengthen its market position, expand internationally and accelerate its growth, both organically and via further acquisitions."
The Canadian firm, a provider of microseismic monitoring equipment and analysis solutions, will become a separate operating company within Spectris' Test and Measurement segment.