Greater Manchester manufacturer acquired by listed Cambridge firm
A Greater Manchester manufacturer of sterilisers and decontamination equipment has been acquired by Cambridge-based science & technology influencer, SDI Group.
The listed firm has bought Saddleworth-headquartered LTE Scientific for £4.2m.
LTE Scientific, which operates from a 44,000 sq ft base in the village of Greenfield and employs 70 people, is a leading UK manufacturer of autoclave sterilizers, which sterilize objects placed in a pressure vessel by injecting steam under pressure at temperatures ranging typically from 105˚C to 137˚C.
These are primarily used in laboratories and hospitals.
Revenues for the year ending 31 December 2021 were £6.4m, with EBITDA of £400,000.
The acquisition price includes £1.65m of freehold property.
Ken Ford, Chairman of SDI, said: “The acquisition of LTE is a further step in our Group growth strategy, demonstrating again the opportunities to acquire businesses with high quality products related to our existing portfolio of equipment used in laboratories and hospitals.
“The acquisition is expected to be earnings enhancing in current year FY2023. We are delighted to welcome John Lees and his staff at LTE Scientific to the SDI Group.”