The Group’s enhanced balance sheet strength leaves us well positioned to participate in further investment activity. Following completion of the sale of Omega, Spectris will be made up of three core businesses: Malvern Panalytical HBK and Industrial Solutions, with a much-improved financial profile, focused on high precision measurement solutions.īalance sheet strength provides opportunities to accelerate growth

This sale increases the gross divestment proceeds over the past three years to over £1 billion, at attractive valuations, above the Group’s trading multiple. Since 2019, we have been working to transform Spectris into a higher-quality business, focusing on attractive growth markets. As such, we believe that Omega’s next stage of development can be better fulfilled with the scale provided as part of a larger group.Īt a valuation of 20.4x Omega’s 2021 adjusted EBITDA, significantly above the Group’s current trading multiple, this divestment offers a better opportunity to generate returns for shareholders and further enhance Group margins. We have been clear that scale is essential to deliver acceptable levels of profitability at Omega. With new management and a revised strategy launched in 2020, Omega ended 2021 with a strong order book and well positioned for future growth expecting to return to pre-COVID levels of revenue this year. Supporting Omega’s development and delivering value for Spectris The consideration for the disposal will be settled in cash subject to customary adjustments for working capital, cash and debt and is subject to customary completion conditions and regulatory approvals, with completion expected to take place early in the third quarter of 2022. Omega is a provider of specialist sensors that help customers improve processes, delivered by a high service omni-channel distribution platform. Dwyer is a global leader in the design and manufacture of innovative sensors and instrumentation solutions for the indoor environmental quality, building automation, process and environmental markets. Dwyer views Omega’s high-quality measurement, monitoring and control solutions as a highly complementary product offering and sees benefits of a scaled platform within their shared markets.įor the 2021 financial year, Omega generated sales of £129.0 million, adjusted EBITDA of £19.7 million, and as at 31 December 2021, the book value of Omega’s gross assets was £197.7 million. Omega will be joining the Dwyer Group of companies (‘Dwyer’), an Arcline portfolio company. Alongside this, Spectris also announces a £300 million share buyback programme. LONDON, UK: Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, announced the sale of Omega Engineering to Arcline Investment Management for $525 million (£403 million), at a valuation of approximately 20.4x Omega’s 2021 adjusted EBITDA.

Omega engineering