Deal type
Sector
Gooch & Housego Plc acquisition of Crystal Technology, LLC
HMT Corporate Finance, led by partner Peter Barrand and Assistant Director Catherine Jones provided both corporate finance and due diligence services to Gooch & Housego PLC on its acquisition of Crystal Technology LLC, a Californian based manufacturer of acousto-optic, electro-optic and fibre optic components and systems, and oxide single crystal materials for optical applications. The total consideration of $13.75 million is being funded through a combination of cash and new bank debt provided by the Company’s bankers, Royal Bank of Scotland.
Crystal Technology has applications in acousto-optics, electro-optics and fibre optics, with a product range that is highly complementary to that of G&H. G&H is the leading manufacturer of acousto-optic Q-switches, which are primarily manufactured from silica and glass materials, while Crystal Technology specialises in non-Q-switch acousto-optic devices that are manufactured predominantly from tellurium dioxide, an oxide single crystal material.
Andy Boteler, CFO commented, “The acquisition of Crystal Technology consolidates G&H’s global leadership in the field of acousto-optics and provides self-sufficiency in the strategically important crystals that are central to several of our most exciting new products. In addition to excellent people and top quality products, Crystal Technology also brings new capabilities in electro-optics and fibre optics to G&H that support our ongoing diversification into markets such as Defence, Life Sciences and Telecommunications. I would like to thank Peter for his invaluable advice in negotiating the deal, the 2nd in three months with HMT, and in helping refinance our Group debt facilities”.
Peter Barrand commented, “We were delighted to advise G&H on their most recent acquisition, and the refinancing of the Group’s banking facilities. The deal brought together our combined experience of corporate finance, due diligence and debt structuring”.