External - RNS announcement
LEI: 213800J364EZD6UCE231
10 January 2024
Oxford Instruments plc acquires First Light Imaging SAS
Oxford Instruments plc ("the Group", "Oxford Instruments"), a leading provider of high technology products and services to industry and scientific research communities, today announces the acquisition of First Light Imaging SAS ("First Light"), a scientific camera specialist.
Based near Aix-en-Provence, France, and founded in 2011, First Light specialises in the design and manufacture of high-speed, low-noise scientific cameras for infrared and visible imaging, with applications in astronomy and life sciences. It will become part of Oxford Instruments Andor ("Andor"), with a common global customer base spanning leading academic institutions and commercial companies. Its cameras are highly complementary to Andor's existing scientific camera portfolio, with the acquisition providing opportunities to enhance both companies' offerings and to expand into adjacent markets.
Under the terms of the acquisition, Oxford Instruments is paying an initial cash consideration of €15.7m, on a cash-free, debt-free basis, with a further €3m cash consideration conditional on First Light's trading performance over a 12-month period following completion. First Light's estimated revenue for the 12 months to 31 December 2023 is €8.0m (£7.0m), with return on sales below the average for the Group.
Richard Tyson, Chief Executive Officer, Oxford Instruments plc, said:
"We are delighted to welcome the talented First Light team to Oxford Instruments. Like us, they have a reputation and track record for quality, innovation and scientific expertise, and their leading range of products dovetails well with our scientific camera portfolio. Joining forces will significantly enhance our world-class camera offering to our combined customer base and drive First Light's next phase of growth as part of the wider Group.
"Our expanded portfolio will help us accelerate our customers' roadmaps in the life science market and in physical sciences, a long-standing area of strength for Oxford Instruments."
David Boutolleau, co-founder of First Light, said:
"Joining Oxford Instruments and Andor is a real opportunity for First Light Imaging.
"After 12 years building First Light as a successful independent business, it became clear that to take the business to the next stage of its development, we would need industrial and commercial support to reinforce our manufacturing, technology and routes to market.
"Our acquisition by Oxford Instruments Andor accelerates our growth and secures our future for our customers, partners and employees."
Ends.
Enquiries
Oxford Instruments plc Tel: 01865 393200
Richard Tyson, Chief Executive Officer
Gavin Hill, Chief Financial Officer
Julian Wais, Head of Investor Relations Tel: 07720 999764
MHP Group Tel: 020 3128 8100
Katie Hunt/Tim Rowntree/Eleni Menikou/Veronica Farah
Notes to Editors
About Oxford Instruments plc
Oxford Instruments designs, supplies and supports high-technology products and systems which enable the world's leading companies and scientific research communities to image, analyse and manipulate materials down to the atomic and molecular level. The Group's products and services help its customers to accelerate R&D, increase manufacturing productivity and make ground-breaking discoveries across its key market segments: Semiconductor & Communications, Advanced Materials, Healthcare & Life Science, Energy & Environment and Quantum Technology.
Innovation is the driving force behind Oxford Instruments' growth and success, supporting its core purpose to enable a greener, healthier, more connected advanced society. Founded in 1959 as the first technology business to be spun out from Oxford University, Oxford Instruments is now a global company listed on the FTSE250 index of the London Stock Exchange (OXIG). Its customer-centric, market-focused strategy creates competitive advantage through understanding the technical and commercial challenges in markets with long-term structural growth drivers.
For more information, visit www.oxinst.com
About First Light
First Light Imaging designs, manufactures and sells scientific cameras for astronomy, life sciences, high end industry and new space applications. Its products provide scientific and R&D communities with imaging solutions for low light environments and real time applications such as adaptive optics and free space optical communications. Originally created from a knowledge transfer from French public research institutes (Laboratoire Astrophysique de Marseille and Institut Planetologie Astrophysique de Grenoble/CNRS), the company has developed and improved its own technology and reached a leading position in scientific imaging, especially for short wave infrared spectra. Founded in 2011 by a group of engineers and the current CEO David Boutolleau, today First Light Imaging has a global reach.
For more information, visit www.first-light-imaging.com
About Oxford Instruments Andor (Andor Technology Limited)
Andor was previously a public listed company and listed on the AIM until its acquisition by Oxford Instruments plc in 2013. The company is a global leader in the pioneering and manufacturing of high-performance scientific imaging cameras, spectroscopy solutions and microscopy systems for research and OEM markets. Its products are used in a wide range of applications, and are contributing to advancements in cancer research, space exploration, and clean energy sources. Andor now has over 400 employees across 16 offices worldwide, distributing products to over 20,000 customers in 55 countries.
For more information, visit andor.oxinst.com
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