Acquisition of AnaFocus

Released : 04.08.2014

RNS Number : 1038O
e2v technologies PLC
04 August 2014
 



e2v technologies plc

Acquisition of AnaFocus

Fast-growing CMOS imaging business to be integrated into High Performance Imaging division

 

Summary

e2v technologies, a leading provider of technology solutions for high performance systems, today announces that it has agreed to acquire Seville-based Innovaciones Microelectronicas SL, trading as 'AnaFocus', a Spanish designer and developer of CMOS (Complementary Metal Oxide Semiconductor) imaging sensors for up to €34.2 million (£27.1 million).  AnaFocus designs and develops high-performance, high-quality CMOS image-sensors and vision-systems for the industrial, professional, scientific, medical and high-end surveillance markets.

Good business fit

AnaFocus will become an integral part of the Machine Vision business within e2v's fast-growing High Performance Imaging division, which grew by 26% last year. It will fit well into the existing infrastructure of the division. It accelerates e2v's CMOS development road-map and deepens e2v's reach in the professional imaging markets. AnaFocus' custom sensor design capabilities, expertise in 'vision system-on-a-chip development', and growing portfolio of products, complements e2v's established position in machine vision markets. The machine vision markets have grown significantly in recent years and are anticipated to grow by c10% CAGR through to 2018.  

In the calendar year to 31 December 2014 AnaFocus is expected to generate sales of approximately €11 million at a margin in line with those typical in this fast-growing market segment and it has good order book coverage.  The acquisition is expected to be marginally earnings accretive in the financial year ending 31 March 2015 and earnings accretive in the financial year ending 31 March 2016. The transaction is consistent with e2v's stated ambition of accelerating organic growth in its more rapidly expanding businesses with closely aligned acquisitions.

Terms of the transaction

The initial cash purchase price of €29.2 million (£23.2 million) is made up of €26.5 million cash consideration for the business, and assumed net debt of €2.7 million. The AnaFocus management team is staying with the business and can achieve an earn-out of up to €5 million in cash, dependent on value generating 'stretch' integration targets including revenue growth. e2v expects the acquisition to complete during September 2014. The cash consideration will be funded from e2v's existing resources, including its new £90 million bank facility.

e2v technologies' Group CEO, Steve Blair, said:

"AnaFocus adds technology, people and customers to our Machine Vision business. It strengthens our position in the market, bringing to e2v a successful management team with deep technology capabilities and close relationships with customers that complement e2v's relationships.   The strength of the AnaFocus team, and the e2v worldwide sales and customer support channels they can now access, will help us to accelerate our opportunities in this fast-growing business. We see immediate opportunities to apply the technical capabilities of AnaFocus to provide enhanced offerings to our joint customers. I amdelighted we are making this acquisition and I am pleased the AnaFocus team are joining us."

 

 

 

Further enquiries:

e2v technologies plc                                     Tel: +44 (0)1245 493 493

Steve Blair, Group CEO

Charles Hindson, Group Finance Director

 

Bell Pottinger                                                 Tel:  +44 (0)20 7861 2840

Gavin Davis/Elly Williamson/

Charles Goodwin

 

 

About e2v

 

 

About e2v: e2v is a leading global provider of specialist technology for high performance systems and equipment; delivering solutions, sub-systems and components for applications within medical & science, aerospace & defence, and commercial & industrial markets. e2v employs approximately 1600 people, has design and operational facilities across Europe, North America and Asia, and has a global network of sales and technical support offices. e2v has annual sales of GBP217m and is listed on the London Stock Exchange.

For more information visit www.e2v.com

 

For more information on AnaFocus visit www.anafocus.com

 

 

Note to editors:

1.   In the year ended 31 December 2013, AnaFocus' sales were €5.6m and EBITA was €80k; as at 31 December 2013 its gross assets were €8.1m.

 

2.   e2v's new £90 million bank facility to 29 July 2018 is provided by Barclays Bank plc, HSBC Bank plc and Lloyds Bank plc and replaces e2v's previous bank facility.

 

3.   All financial information included in this release is sourced from unaudited management accounts and excludes any specific items.

 

4.   Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.

 

5.   No statement made in this announcement is intended to be, and should not be construed as, a profit forecast and should not be interpreted to mean the underlying earnings per e2v share for the current or future financial years will necessarily match, or be greater or less than, the historical underlying earnings per e2v share.  

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQSSMSMDFLSEDA