Asylum Research, the technology leader in scanning probe/atomic force microscopy, announces that it has been acquired by Oxford Instruments plc ("Oxford Instruments"), a leading provider of high technology tools and systems for industry and research. The acquisition is subject to customary conditions of the London Stock Exchange and is expected to be completed before the end of December 2012.
Asylum Research is being acquired from its management for an initial debt free, cash free consideration of US$32.0 million with a deferred element of up to US$48.0 million payable over three years dependent on its performance over that period. Asylum Research generated Earnings Before Interest and Taxation (EBIT) of $1.1 million in the twelve months to December 31, 2011 from revenue in the same period of $19.6 million.
It had gross assets of $6.2 million as at December 31, 2011. The acquisition will be funded from existing facilities. Asylum Research will remain in Santa Barbara, CA and keep its current management structure with co-founders Dick Clark, Chief Financial Officer, Roger Proksch, President, and Jason Cleveland, Chief Executive Officer.
"We are very excited about joining Oxford Instruments," commented Dick Clark, co-founder and Chief Financial Officer. "The synergies between our companies is extensive and we're looking forward to joining this elite company that has proven leadership in the scientific instrumentation business."
Commenting on the acquisition, Jonathan Flint, Chief Executive of Oxford Instruments, stated, "the acquisition of Asylum Research significantly increases our footprint in the nanotechnology space and complements our strong position in electron microscopes with a presence in another fundamental nanotechnology measurement technique. The acquisition also gives us access to the rapidly growing bionano market as it allows customers to perform analysis of organic samples in their natural liquid environments, something which cannot readily be done using electron microscopes."
Added Roger Proksch, President of Asylum Research, "it was clear from the beginning of our talks that Asylum Research and Oxford Instruments both share the same core values while providing world class customer support and service, and making the most technologically-advanced instruments. We are looking forward to joining their team and getting the best AFMs to scientists faster and with even more capabilities."
"I would like to thank all our customers, employees and business associates for getting us to this point in our company history," said Jason Cleveland, Chief Executive Officer of Asylum Research. "Our passion for science has always been at Asylum's forefront. Partnering with Oxford Instruments will allow us to do an even better job at bringing instrumentation to scientists for discoveries that will ultimately lead to amazing innovations.”
Asylum Research, founded in 1999 as an employee-owned company in Santa Barbara, California, has a worldwide presence with subsidiaries in the UK, Germany and Taiwan. Its product line of scanning probe/atomic force microscopes, including the Cypher™ and MFP-3D™ AFM family, has set the industry standard for technological innovation for both imaging and characterizing many properties of surfaces and structures at the nanoscale. Its AFM/SPMs are used by academic and industrial customers across the world for a wide range of materials and bioscience applications.
A conference call for analysts and investors will be held at 8:30am (UK time) today to discuss this statement.