Oxford Instruments, a UK-based provider of technologies to industrial companies and scientific researchers has acquired French scientific camera specialist First Light Imaging in a deal worth up to €19 million.
First Light Imaging designs and produces scientific cameras for infrared and visible imaging, with applications ranging from the fields of New Space, to life sciences, to art inspection.
The acquisition will see First Light' “highly complementary” cameras join added to Oxford Instruments’ imaging-focused division Andor’s product lineup, as well as the onboarding of a fresh client roster.
Oxford Instruments will pay an initial cash purchase price of €15.7 million, with an additional €3 million cash payout based on First Light’s performance over the following 12 months. The purchase is on a cash-free, debt-free basis.
Throughout 2023 First Light’s estimated revenue amounted to €8 million, a figure representing a below-average performance on return on sales for the Oxford Instruments group.
On the acquisition, First Light Imaging co-founder David Boutolleau shared:
"After 12 years building First Light as a successful independent business, it became clear that to take the business to the next stage of its development, we would need industrial and commercial support to reinforce our manufacturing, technology and routes to market.
"Our acquisition by Oxford Instruments Andor accelerates our growth and secures our future for our customers, partners and employees."
Trading remained relatively flat for Oxford Instruments at today’s opening bell, with shares up a marginal 0.66 percent.
Lead image via First Light Imaging.