Coating manufacturer acquired for over £12m

Magsputter the holding company of Teer Coatings, which specialises in manufacturing coating instruments and providing coating services has been acquired by Judges Scientific for over £12m.

It includes an initial cash payment of £12.3m, with potential additional payments to cover any excess working capital.

The acquisition fits with Judges Scientific’s strategy as an industrial equipment supplier to expand its portfolio in the scientific instrument sector.

Worcester-based Magsputter was created to facilitate the management buyout of Teer in 2019. The buyout team included Wayne Southall (sales and marketing director), Dr. Hailin Sun (technology director), and Angela Byrne (commercial director).

Southall and Sun will stay with the company, while Angela plans to retire within six months.

For the year ending January 31, 2024, Teer Coatings reported net assets of £6m and a profit before tax of £1.8m.

The acquisition was funded using Judges Scientific’s existing bank facilities.

Alex Hambro, chairman of Judges, said: “We are pleased to incorporate Teer, a market leader in its niche, into the Judges group. The Board believes that Teer, with its outstanding scientific competence, will prosper in Judges, and we welcome them to the Judges team.”