Oxford Instruments acquires scientific camera specialists First Light Imaging
Abingdon-based Oxford Instruments has announced the acquisition of First Light Imaging.
Founded in 2011 near Aix-en-Provence, France, First Light designs and manufactures high-speed, low-noise scientific cameras for infrared and visible imaging, with applications in astronomy and life sciences.
The firm will become part of Oxford Instruments Andor, sharing a common global customer base which spans leading companies and academic institutions.
Richard Tyson, CEO of Oxford Instruments, said: “We’re delighted to welcome the talented First Light team to Oxford Instruments.
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“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."
Oxford Instruments is set to pay an initial cash consideration of £13.5 million, on a cash-free, debt-free basis, with a further £2.5 million cash consideration conditional on First Light's trading performance over a 12-month period following completion.
First Light expects to generate revenues of £7 million for the 12 months ending 31 December 2023.
David Boutolleau, Co-Founder of First Light, added: “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.”
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