Charles Russell Speechlys advises discoverIE Group plc (“discoverIE”) on its acquisition of Sens-Tech Limited
Charles Russell Speechlys has advised long standing main market listed client, discoverIE, a leading international designer, manufacturer and supplier of customised electronics to industry, on its acquisition of Xi-Tech Limited and its wholly-owned subsidiary Sens-Tech Limited (collectively Sens-Tech).
The consideration for Sens-Tech comprises an initial cash consideration of £58m on a debt free, cash free basis with further contingent cash consideration of up to £12m, payable subject to the achievement of certain profit growth targets over a three year period.
Sens-Tech is a UK-based designer, manufacturer and supplier of specialist sensing and data acquisition modules for x-ray and optical detection applications, supplying the transport security, medical, food processing and industrial markets.
Nick Jefferies, Group Chief Executive of discoverIE, said: "Sens-Tech continues our strategy of building a higher margin, international Group that designs and manufactures customised electronics and is one of our largest acquisitions to date. We are acquiring Sens-Tech, which has a long-established track record of supplying high quality products, at a time when it is well-positioned to exploit a range of growth opportunities. We are delighted to welcome the business and all their employees into the Group."
Jeremy Morcom, Group Head of Corporate Development commented: “The Charles Russell Speechlys’ team provided us with fantastic legal support on this significant transaction for discoverIE. Their technical knowledge and commercial insight enabled the team to think ahead and ensure that all issues were addressed and dealt with in a timely and practical way.”
Mark Howard, Corporate partner, speaking of the deal said: “We thoroughly enjoyed working with Jeremy and his colleagues on this transaction which exemplifies the capabilities that we have at this firm to help sophisticated clients deliver their growth ambitions.”
The Charles Russell Speechlys team was led by Partner Mark Howard, supported by a number of colleagues including Jonathan Steele and Alex Stevens in our Corporate Group and Rob Birchall and Elliot Michaelson in our Tax Group.