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SDI Group Announces Acquisition of InspecVision

SDI Group PLC, focused on companies which design and manufacture specialist lab equipment, industrial & scientific sensors and industrial & scientific products, has announced the acquisition of InspecVision Limited, a designer and manufacturer of computer vision-based measurement systems for industrial applications, for a net consideration of 6.1 million pounds. InspecVision provides precision measurement machinery for smart manufacturing, automated inspection and reverse engineering.

InspecVision provides precision measurement machinery for smart manufacturing, automated inspection and reverse engineering and offers the Group an entrance into the high value metrology market and a global, blue chip customer base which includes the USA. InspecVison introduces new technological capabilities to the Group, including AI and machine learning, and has strong IP, which can be leveraged.

For the year ended 31 December 2023, InspecVision delivered revenue of £3.2m, and a reported EBIT of £0.95m (unaudited).

“InspecVision is a high-quality, profitable business which fulfils our key investment criteria of trading in a growth sector, with international exposure and a strong management team. The acquisition presents a rare opportunity to buy such a good business poised to capitalise on future growth in the metrology market” stated Stephen Brown, CEO of SDI Group.

“Its US market presence also provides a platform to deliver additional value to other Group portfolio companies, particularly through cross-selling synergies and opening up new routes to market. We are excited by the prospects for this acquisition and continue to pursue our acquisitive growth strategy alongside our organic growth programme.”

InspecVision was established in March 2003 to develop a range of precision inspection machines for industrial applications. Founder, Dr. Jan Antonis, carried out advanced research in computer vision systems at Queen’s University Belfast and identified a gap in the market for a system which could measure parts quickly and easily. Sales of the Planar inspection system, for quality control and reverse engineering applications, began in 2005. InspecVision products are now sold in over 30 countries worldwide. It employs 14 people and is based in Newtonabbey, Northern Ireland.

 Consideration for the Acquisition:

Net consideration is £6.1m. Total consideration is £8.65m and consists of:

  • Cash consideration payable shortly following completion of £7.9m, which includes £1.8m of acquired cash; and
  • An additional cash consideration of £0.75m in relation to leasehold property owned by InspecVision which will immediately following completion be sold back to the sellers for £0.75m on a sale and leaseback arrangement.

For more information: www.inspecvision.com

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