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(Sharecast News) - Scientific instrument company Judges Scientific announced on Tuesday that its subsidiary, Dia-Stron has acquired Bossa Nova Vision (BNV) for $1.6m in cash.
The AIM-traded firm described BNV as a Los Angeles-based company, which specialises in imaging measurement technology for the cosmetics industry.
It said the acquisition was being funded from Judges' cash balances and associated transaction costs.
Dia-Stron had previously agreed to a commercial cooperation agreement with BNV, and a call option to acquire its shares on 24 March last year.
BNV generated EBIT of $0.4m in the 2022 calendar year.
Dia-Stron's existing business provides measurement solutions for hair tresses and fibres in the personal care market, along with natural and synthetic fibres in the composite sector.
The acquisition would be strategically complementary to Dia-Stron's business, and was expected to be immediately earnings enhancing, according to the firm's board.
"We are pleased to welcome the BNV team to the Judges family," said Yann Leray, managing director of Dia-Stron.
"The Dia-Stron management and the Judges board believe that BNV is a solid, growing and profitable company manufacturing quality products and that our customers will greatly benefit from BNV's complementary offering."
At 1133 BST, shares in Judges Scientific were up 0.64% at 10,004p.
Reporting by Josh White for Sharecast.com.
