Spectris PLC, a FTSE 250 company, announced a $260 million acquisition of US-based SciAps, which specializes in laser-based instruments for materials analysis. The deal involves an upfront payment of $200 million. SciAps, known for its handheld XRF and LIBS instruments, has shown a 30% compound annual sales growth over the past five years. Despite a recent profit warning from Spectris, its shares surged 3.5% upon the news before settling for a 1.5% gain. Looking ahead, SciAps is expected to generate $70 million in sales and $12.1 million in EBITDA by 2024, with merger synergies estimated at $6 million. While analysts see the acquisition as a strategic fit, opinions are mixed on the valuation, citing a 14x EBITDA multiple as potentially high. Investment firms Peel Hunt and Shore Capital offered a buy and hold rating respectively, with cautionary notes on Spectris’ recent performance and future prospects.

Materials Analysis Instruments, Financial Services, Manufacturing & Industrial Equipment,United Kingdom, United States

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