Wed, 19 Jul 2023 | BUSINESS SALE
Artemis Optical Holdings, a provider of thin-film coating solutions based in Plymouth, has been acquired by optical components engineering firm Gooch and Housego. The deal will see the buyer acquire Artemis Optical’s entire issued share capital for £8.9 million.
This represents a 12.7x multiple of Artemis’ £0.7 million EBITDA for the year to March 31 2023, generated on revenue of £4.3 million. As of the end of June this year, Artemis’ gross assets were valued at around £3 million.
Artemis is known for the optical filters it produces for tailored electro-optical systems and laser protections, as well as its bespoke head-up display combiners. The firm’s customers are primarily in the industrial, life sciences and aerospace and defence markets.
Gooch and Housego say that the acquisition will enhance its product portfolio, whilst also creating new opportunities across its supply chain and product offering. The buyer added that it plans to turn Artemis’ Plymouth facility, at which the firm employs around 40 people, into a “centre of excellence” to co-ordinate the development of new coatings.
Gooch and Housego Chief Executive Charlie Peppiatt commented: "The addition of Artemis' coatings expertise to Gooch and Housego's capabilities was identified in our new strategy as one of the opportunities to deliver sustainable margin growth for the Company.”
“Artemis' renowned excellence in thin-film coatings complements our existing capabilities to enable us to deliver advanced photonics technology and unparalleled value for our customers. Together, we are well-positioned to accelerate our customer focused innovation plans and create a better world with photonics."
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