Last checked at 1 Feb 2021 07:00
SDI Group plc
("SDI", the "Company" or the "Group")
Acquisition of business and assets of Uniform Engineering
SDI Group plc, the AIM quoted Group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing and control applications, is pleased to announce a bolt on acquisition by its subsidiary Monmouth Scientific Limited ("Monmouth Scientific") on 29 January 2021 of the business and certain net assets of Uniform Engineering ("Uniform"), a component supplier to Monmouth Scientific, for a cash consideration of £350,000 (the "Acquisition").
Uniform is a manufacturer of high-quality bespoke metal enclosures and housings used in a variety of applications including pharmaceutical, laboratory and safety equipment. Uniform currently supplies Monmouth Scientific and other businesses. The Acquisition ensures security of supply to Monmouth Scientific, with the potential to grow Uniform's business in future including potentially supplying other SDI Group divisions.
Uniform's revenues (unaudited) for the year to 31 May 2020 were £1.0 million and profit before tax (unaudited) was £0.1 million. The business and certain net assets are being acquired by way of an asset purchase agreement entered in to with the owner manger (a sole trader business) who is now retiring. The cash consideration will be funded from the Group's existing revolving credit facility. The net assets acquired are expected to be valued at approximately £0.1 million (subject to completion accounts). Uniform, based in Highbridge, Somerset, will maintain its separate leased premises and continue to serve its loyal customer base, with the business now being managed as part of SDI Group's recently acquired Monmouth Scientific division.
Ken Ford, Chairman of SDI said: "We are very pleased to welcome the staff of Uniform Engineering to the SDI Group, supporting the further development of Monmouth Scientific."
Enquires
SDI Group plc Ken Ford, Chairman Mike Creedon, CEO Jon Abell, CFO www.thesdigroup.net | 01223 727144 |
finnCap Ltd Ed Frisby/Kate Bannatyne - Corporate Finance Andrew Burdis/Sunila de Silva - ECM | 020 7220 0500 |
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07818 430 877 |
About SDI Group plc:
SDI designs and manufactures scientific and technology products for use in digital imaging and sensing and control applications including life sciences, healthcare, astronomy, manufacturing, precision optics and art conservation. SDI operates through its company divisions: Atik Cameras, Synoptics, Graticules Optics, Sentek, Astles Control Systems, Applied Thermal Control, MPB Industries, Chell Instruments and Monmouth Scientific.
SDI continues to grow by developing its own technology advancements and by improving its global sales channels, as well as through pursuing strategic, complementary acquisitions. www.thesdigroup.net