Judges Scientific, a group focused on acquiring and developing companies in the scientific instrument sector, has announced that its subsidiary, Geotek, has acquired 100% of the issued share capital of Rockwash Geodata.

Rockwash is a company specialising in rock cuttings and chippings digitalisation.

The initial consideration for Rockwash is £2.25m in cash plus an earn-out payment due in 2025 or 2026, equal to six times the adjusted EBIT for the years ended 31 December 2024 (or 2025 if higher), minus £2.25m. The total consideration, cash plus earn-out, is capped at £6m, which would be achieved if adjusted EBIT for either period equals or exceeds £1m.

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 the group’s bank facilities.

The Judges board expects the acquisition to be “strongly synergistic” with the core digitalisation activities of Geotek, as they share similar customers and a common purpose of digitalising information from geological samples.

Judges chairman, Alex Hambro, said: “We are pleased to incorporate Rockwash, a market leader in its niche, into the Judges group. The board believes that the co-operation of Geotek and Rockwash will benefit their customers and the growth of their digitalisation businesses.”

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