Electronics Production | September 04, 2012
Stadium acquires IGT Industries
Stadium Group announces the acquisition of the entire issued share capital of IGT Industries, a UK designer and manufacturer of intelligent displays for the professional electronics market.
The deal was done for a maximum cash consideration of 4.2 million GBP. Based in Eastleigh, Southampton, IGT employs around 65 people and has been established for over 25 years. The key senior management have agreed to stay within the business to ensure a smooth integration and to drive further growth as part of the Stadium group. The acquisition is expected to be earnings accretive in the 2013 financial year and the business is being bought on a cash and debt free basis. A cash consideration of £3.45m is payable on completion and Stadium will make an additional maximum earn-out payment of £0.75m if IGT exceeds defined EBIT targets for the year ending 31 October 2013. The consideration will be paid in part from existing cash resources as well as utilising a £11.5m debt facility recently provided by HSBC. IGT’s capability includes the latest in back-lit capacitive touchscreens and capacitive switching products, as well as traditional membrane switches. IGT has an established in-house design and engineering expertise, an IP portfolio and a blue-chip client base. IGT operates in market sectors for electronics including transport infrastructure, marine, security, medical, food processing, leisure, retail and aviation. For the year ended 31 October 2011 IGT recorded revenue of £5.0m and underlying operating profits of £0.58m. Stephen Phipson CBE, Chief Executive, said: "This acquisition is the first step in delivering our strategy of expanding into adjacent electronic technologies which complement our existing Power and EMS business and where we can add significant design and Intellectual property to customer requirements. This expansion into the growing area of intelligent displays will help transform Stadium into a higher growth, IP led, technology group focussed on higher margin subsystems.”
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