Automotive testing business MIRA sold to Japanese company

NUNEATON-based automotive testing and engineering consultancy business MIRA has been acquired by HORIBA, a Japanese listed company.

HORIBA specialises in an extensive array of instruments and systems for applications ranging from automotive R&D, process and environmental monitoring, in-vitro medical diagnostics, semiconductor manufacturing and metrology.

The new business will be known as HORIBA MIRA.

MIRA was formed in 1946 and is a national centre of excellence for testing and engineering consultancy, predominantly serving the automotive sector.

It is home to an International Technology Park for transport related R&D and includes one of the largest independent proving grounds in the world with more than 35 specialist engineering and test facilities.

The business has evolved from its beginnings as a government-funded body but continues to be closely aligned to the government and is as a designated UK Enterprise Zone.

HORIBA has existing operations in the UK and says the acquisition is central to its strategy for growth in Europe.

Atsushi Horiba, chairman, president and CEO of HORIBA, said: “We are pleased that MIRA – a hugely successful business within the automotive sector – has become a member of HORIBA Group.

“MIRA has developed a niche offer within the automotive sector and has an exceptional pool of engineering capabilities, solving complex challenges with customers across the UK, China, Brazil and Korea.

“We are looking forward to building on this success and investing in MIRA’s long-term vision, working together to build on our collective research and development capabilities. Together, we aim to be shaping journeys for another 140 years.”

Dr George Gillespie OBE, CEO at HORIBA MIRA, said: “Our vision for MIRA and MIRA Technology Park is to grow significantly, and by working together with HORIBA, we have created an exciting plan that will allow us to accelerate that vision.

“The planned investments into MIRA will allow us to continue to realise our ambitions and has also helped identify a number of additional areas of opportunity and investment in both facilities and technical capabilities.

“In the immediate future, it’s business as usual. Our customers continue to access our engineering and testing services as well as our full Technology Park offering and our employees continue to be part of an internationally acclaimed test and engineering consultancy, unrivalled in its global expertise and facilities.”

The PwC Midlands deals team acted as lead corporate finance advisor to MIRA, also providing specialist tax and pensions advice.

Matt Waddell, partner and head of PwC’s deals business in the Midlands, said: “MIRA is a unique business and is genuinely market leading in the automotive testing and consultancy sector. 

“The business has been constrained in recent years and the change in ownership has set it on a new and exciting journey. We are delighted to see such an excellent outcome for the business and to have supported them through this process.”
 
The KPMG Midlands deal advisory team transacted the deal and advised the single employer pension scheme trustee.

Chris Pole, director in KPMG’s Midlands restructuring team, said: “This was a complex transaction including the use of a formal administration process. It has involved multiple stakeholders and all parties have contributed to creating an innovative deal structure to ensure an important UK business can grow and move forward with appropriate investment and support.”

MIRA was also advised by Eversheds, led by Sue Lewis and KPMG was advised by Wragge Lawrence Graham, led by Julian Pallett.

Financial details are undisclosed.