Halma completes acquisition of Lancashire-based Mini-Cam

Safety, health and environment technology group Halma has completed the acquisition of Mini-Cam from Lloyds Development Capital and a group of private shareholders for an initial cash consideration of £62m.

The initial consideration is on a cash and debt-free basis. There is also an earn-out consideration, capped at £23.1m, payable in cash based on annualised profit growth up to the end of March 2020. The deal, which is expected to be immediately enhancing to earnings, was funded from Halma's existing cash and debt facilities.

Headquartered in Lancashire, Mini-Cam specialises in pipeline inspection solutions for waste water systems in the UK and internationally. Its remotely-operated products and software enable utilities to identify leakages, blockages and potential ingress in waste water networks, thereby helping them to improve customer service levels and compliance with environmental regulations.

For the year to the end of January 2017, Mini-Cam's unaudited accounts show adjusted earnings before interest and taxes of £5.2m under Halma reporting.

Chief executive Andrew Williams said: "Mini-Cam is a great fit with the water technologies we have already within our Environmental & Analysis sector and provides new opportunities for commercial and technical collaboration. It is meeting the growing need from utilities for monitoring sewage and waste water networks, as aging infrastructure and increasing amounts of waste result in customer service challenges and potential non-compliance with environmental regulations.

"We are looking forward to working with Mini-Cam's management team to continue to build the business in the UK and internationally, as well as potentially adding new technologies to the current product offering."