A COMPANY that makes specialist radiation measuring systems has been bought for £3.2m.
Poole-based Lab Impex Systems Ltd has been taken over by Ultra Electronics PLC in a cash deal.
Lab Impex, based at Harwell Road, Canford Heath, designs, manufactures and supplies radiation measuring instru-ments, systems and services for the nuclear, medical and defence industries.
Its instruments are mainly used in the field of health physics, to monitor ionising radiation in the environment, the workplace or in process control.
Advisers BCMS worked with the shareholders to prepare the company for acquisition, research the market and negotiate the best possible deal. It said it managed discussions with 23 interested organisations and hosted “intensive dialogues” with five interested parties.
Newbury-based Ultra Electronics offered £3.2m secured from private investors including the original founder.
BCMS could not comment on the whether the deal affected the future of the Poole site.
Ultra Electronics is a group of businesses with a portfolio of specialist capabilities inc-luding the areas of defence and aerospace, security and cyber technologies and transport and energy.
BCMS deal leader Mike O’Connor said: “Large acquisitive organisations are pursuing strategic growth through acquisitions and as a result innovative British SMEs are enjoying increased levels of acquisition interest.
“As a specialist supplier of cutting-edge technology to companies active in science and innovation, the shareholders of Lab Impex Systems Ltd have capitalised on the upswing in acquisition activity.
“I am confident that with the leadership provided by Ultra Electronics PLC, the business will continue its strong run of success.”
Rakesh Sharma, chief exeucitve of Ultra Electronics PLC, said: “I am pleased that we have been able to bring Lab Impex Systems Ltd into the group as part of our nuclear control systems business.
“This acquisition extends Ultra’s capabilities in the nuclear sector and provides further momentum for our international growth.”