Judges Scientific Plc acquires Geotek
Leon Arnold, Malin Svanberg Larsson and Ben Filmer from Freeths’ corporate team are delighted to have advised the shareholders of Geotek Holding Limited and Geotek Coring Limited on the transaction. They were supported by specialists from Freeths’ tax, employment and real estate teams.
Freeths has advised the shareholders of Geotek Holding Limited and Geotek Coring Limited to Judges Scientific Plc.
The transaction has a total consideration up to a maximum of £80 million, plus excess cash and is Judges Scientific’s largest-ever acquisition and the first to derive a substantial proportion of revenues from services.
Geotek is a supplier of instrumentation and services for the analysis of geological cores.
First established in 1989, and headquartered in Daventry, UK, Geotek is a designer and manufacturer of a wide range of specialist instrumentation for geoscience applications, focusing on high-resolution, non-destructive analysis of geological cores.
Geotek has to date supplied its products and services to over 40 countries worldwide and generates in excess of 90% of its revenue from export markets.
Under the terms of the deal, Geotek Managing Director Tony Bosley will remain in post to drive the business forward, while Geotek’s founders (Chairman Peter Schultheiss and Service Director Quentin Huggett) will enter into one-year service contracts.
This purchase of Geotek is Judges Scientific plc’s twentieth acquisition since 2005. The group focuses primarily on UK-based businesses, with products sold worldwide to a diverse range of markets including higher education institutions, scientific research facilities, manufacturers and regulatory authorities.
Geotek’s specialist solutions are complementary to another Judges’ subsidiary, GDS Instruments, and the Judges’ board expects the acquisition to be materially earnings enhancing in the current financial year.
Leon Arnold said: “Having worked with the shareholders for many years, we are very pleased to have been involved in this transaction and to be able to support Peter, Quentin, Tony and the other shareholders. We are looking forward to seeing Geotek continue to grow and proposer in the years to come.”
Peter Schultheiss, Founder of Geotek, said: “We could not have achieved this important milestone without Freeths’ incredible professional support, deep knowledge of our business and constant readiness to go beyond the call of duty. They have acted as an extension of our team and a strategic partner for many years. I look forward to continuing our collaboration for many years to come.”
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