Judges Scientific, a group focused on acquiring and developing companies in the scientific instrument sector, has acquired 100% of the issued share capital of Magsputter in a £12.3m cash deal.

Magsputter is the holding company of Teer Coatings which specialises in manufacturing coating instruments and providing coating services, with Magsputter created to facilitate the management buyout of Teer in 2019.

Judges said its board expects the acquisition to be “immediately earnings enhancing”.

On top of the initial £12.3m consideration, an additional payment will be made to reflect any excess working capital over and above the ongoing requirements of the business, which the Judges board expects to be covered by the cash inherited at the completion date.

The initial consideration for the acquisition and associated transaction costs have been funded from Judges’ existing bank facilities.

Chairman of Judges, Alex Hambro, said: “We are pleased to incorporate Teer, a market leader in its niche, into the Judges group. The board believes that Teer, with its outstanding scientific competence, will prosper in Judges, and we welcome them to the Judges team.”

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