Gooch & Housego acquires Spanoptic, maker of precision optics

Ilminster, England--Gooch & Housego (G&H) has completed the acquisition of the entire issued share capital of Spanoptic (Glenrothes, Scotland), a manufacturer of spherical and aspheric lenses and diffractive optics for applications in the ultraviolet, visible, and infrared regions of the spectrum.

Founded in 1976, Spanoptic currently employs 62 people and in 2012 had revenues of £7.7 million and made a profit before tax of £1.0 million. Spanoptic had net assets of £5.5 million at acquisition, including net cash of £0.7 million. The gross cash consideration paid by G&H was £6.6 million, funded from existing cash and debt facilities. The acquisition is expected to be earnings enhancing in the first year of ownership.

G&H says that Spanoptic's precision optics are highly complementary to its predominantly planar optics business and enhances G&H's ability to provide complete sub-system solutions in line with its strategic objectives. Spanoptic's capabilities in infrared optics and coatings are particularly relevant to G&H's activities in the aerospace and defence sector. Spanoptic will continue to operate from its Glenrothes factory and will continue its role as a long-term supplier to G&H, which accounted for approximately 1.5% of Spanoptic's turnover in 2012.

In recent years Spanoptic has invested heavily in state-of-the-art optical manufacturing, metrology, and thin-film coating equipment. As a result, Spanoptic has been able to win business and develop strong, mainly European customer relationships in applications including analytical instrumentation, optical sensing, security, imaging, life sciences, and aerospace and defence. Spanoptic also has a strategic alliance with a Far Eastern manufacturer of precision optics, opto-mechanics, and instrumentation, enabling it to offer a broader range of products and services than would otherwise have been possible.