Judges Scientific plc, the London-based AIM-listed group specialising in the design and production of scientific instruments, has had its acquisition strategy bolstered by a multimillion funding package from Lloyds Bank.
The group’s 19 acquisitions since its inception in 2005 are primarily UK-based with products, such as calorimeters and accessories for electron microscopy, sold worldwide to a diverse range of markets including higher education institutions, scientific communities, manufacturers and regulatory authorities.
Lloyds Bank, which has supported every acquisition to date, has now increased its backing of Judges Scientific from £35m to £60m, consisting of a revolving credit facility for acquisition, a term loan and an uncommitted accordion facility.
This new package will boost the group’s buy-and-build growth strategy by providing greater acquisition financing capacity, both in terms of higher frequency and larger deals.
The UK is a recognised worldwide centre of excellence for scientific instrument development and manufacture, characterised by more than 2,000 privately-held related businesses.
Judges Scientific plc has an annual turnover of £80m and employs around 500 staff.
Brad Ormsby, Group Finance Director at Judges Scientific, said, “We pride ourselves on creating an environment where businesses can thrive. Lloyds Bank has been with us from the start and continues to show its desire to get behind the group’s trajectory. This latest facility gives us a substantially larger springboard to deliver on our growth strategy. Being able to access capital at the right time means we can act quickly and decisively when we need to.”
Becci Wicks, Relationship Director and Sector Head of Mid Corporate Manufacturing and Wholesale at Lloyds Bank, added, “Judges Scientific and its portfolio companies provide a vital service to their wide and varied client base. We have supported Judges through its successful growth to date and are delighted that these new facilities will enable us to continue that support as it takes the next steps on its journey.”