Johnson Matthey sells Diagnostic Services for £55m

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Johnson Matthey announced the sale on Wednesday of Diagnostic Services, a business providing specialised detection, diagnostic, and measurement solutions, to UK-based private equity investor Sullivan Street Partners for £55m in cash.

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Diagnostic Services is a part of JM’s ‘value businesses’ and has been identified as non-core to the company’s growth strategy.

Sullivan Street Partners has partnered with Scottish-based private family investment office Souter Investments for the acquisition.

In the year to the end of March 2022, Diagnostic Services reported external sales of £55m, operating profit of £4m and net assets of £35m. A small accounting loss on sale is expected.