Baird Capital Partners Europe has acquired the instrumentation solutions business of e2v technologies plc in a 15 million pound ($23.9 million) deal, the firm announced Wednesday. The acquired business will be re-named SGX Sensortech Ltd.
Baird Capital Partners Europe (“Baird”), the UK-based lower middle market private equity investor, announced today that it is acquiring the Instrumentation Solutions business of e2v technologies plc (LSE: E2V LN), the technology engineering solutions designer, developer and manufacturer, in a transaction totalling £15m.
The acquired business will be re-named ‘SGX Sensortech Limited’ (“SGX”). SGX designs and manufactures sensors that provide environmental, health & safety research and analysis to customers in Europe and Asia including automotive companies Volvo, VW Passat and Renault Laguna. Its products include high specification x-ray detection sensors used in a range of industries such as the pharmaceutical sector and academic research, pollutant gases sensors for the automotive industry and combustible and toxic gas sensors used in the mining, industrial and chemical sectors.
Baird will support SGX by building on its proven expertise in providing environmental and health and safety solutions to high growth global markets including the detection of dangerous gases in industrial processes and material analysis in healthcare research. Baird’s international network will assist in SGX’s global expansion, particularly for further growth into Asian markets working with Baird’s operating team based in China and India.
David Barrass, an Operating Partner with Baird, has been appointed Chairman with Graham Hine appointed Group CEO and David Bridgeland appointed Finance Director. They will join SGX’s existing managing directors: Eric Germain, Terry Brown and Peter Smith.
Commenting on the transaction, James Benfield, Managing Director of Baird Capital Partners Europe, said:
“We have been focused on finding the right investment opportunity in the Test, Measurement and Process Controls space for the last few years. There is an increasing demand from companies and regulators to measure environmental, health and safety issues, and we believe SGX has a strong reputation building innovative, customer focused solutions in these areas.
“We are delighted to be partnering with the existing SGX team and introducing David, Graham and David who have significant experience in managing and growing similar businesses.”
Graham Hine, incoming Chief Executive of SGX commented:
“SGX is an impressive company that has performed well through the recession and maintained long-standing relationships with its clients. I am tremendously pleased to be joining the team, with whom I share a vision for the continued growth and international expansion of the business.”
Baird has significant experience in the manufactured products space. Its current portfolio includes Gabbro Precision, a component manufacturer for the oil and gas industry. When Gabbro was acquired in 2007, the company was primarily UK focused. The business has since expanded its operations both within the UK including the bolt-on acquisitions of Nexus Precision and Midland Precision, and into Asia with engineering operations in Malaysia.
The transaction was managed by James Benfield and Simon Havers for Baird.
Debt funding for the transaction is provided by Beechbrook Capital.
Notes to editors
Baird Capital Partners Europe, the U.K. based buyout firm of Baird Private Equity, invests in U.K. lower middle market companies with an established annual turnover of £10m to £100m. Since 1971, it has completed over 150 private equity investments in the business services, manufactured products and healthcare sectors, where it has deep experience, knowledge and ability to add value. Baird Capital Partners Europe is supported by operating resources in China and India, focused on facilitating and executing Asia sourcing, manufacturing and distribution strategies for its portfolio companies.
Baird Capital Partners Europe Limited is authorised and regulated by the Financial Services Authority.