In the UK, the team advised on the acquisition of Integrated Technologies Limited (ITL) for a total consideration of up to £22 million, which will enable G&H to take a significant step towards meeting its strategic objectives, including doubling the revenue of its life science business and accelerating its move up the value chain, with all of ITL's sales coming from system based products.
Moving forward, benefits of the acquisition to G&H will include leveraging its footprint in the US, China and the Far East. It will also afford the combination of G&H’s photonic expertise with ITL's high level systems capability in order to provide a more attractive product offering to G&H's medical diagnostic customer base.
The Burges Salmon team, led by corporate partner Richard Spink, supported G&H throughout the ITL transaction and coordinated advice in the US and China.
ITL is a UK-based specialist in the design, development and manufacture of high-quality medical and in vitro diagnostic (IVD) devices.
The team also supported G&H and its US lawyers, Thompson Hine, on the UK aspects of the acquisition of Gould Fiber Optics (Gould), a specialist in the design, development and manufacture of fibre optic components and subsystems, and a market leading supplier of key enabling components into tier 1 US Aerospace and Defense customers. The total consideration payable for the Gould acquisition is up to $16.4 million.
Richard Spink commented: “We are delighted to have worked with G&H again in making strategic acquisitions in the Life Sciences and Aerospace and Defence sectors and diversifying its business. G&H has a track record of making successful acquisitions and we wish the G&H, ITL and Gould teams every success as they work together.”
Andy Boteler, CFO of G&H says: “We are very excited about the addition of ITL and Gould to the G&H family and feel that they will add considerably to the Group’s long term strategic goals of continued diversification into new, complementary markets and taking us further up the value chain. We have once again been fortunate enough to work with Burges Salmon on these deals. In a relationship that is now into its third decade, the level of service and standard of professionalism continues to be of the highest standard and as ever Burges Salmon and Thompson Hine worked seamlessly together on our US deals. I would like once again to thank Richard and his team for their efforts and dedication in bringing ITL & Gould on board.”