Millbrook Group is sold in £122m dealSep 12, 2016
The new ownership will accelerate Millbrook’s international expansion and its investment plans in both the UK and Finland.
All management and staff will remain with the business.
Millbrook, which has been owned by private equity firm Rutland Partners since 2013, has seen demand for its services and expertise grow with the increasing focus on car and other transport emissions, automotive safety and the move to the electrification of vehicles.
The deal is an important step in Spectris’s development strategy. Millbrook will become part of the test and measurement business segment of Spectris plc and complements a number of its existing businesses.
The integration will enable Millbrook to continue with its ambitious plans for growth, accelerating capital investment and international expansion.
Spectris business group director Eoghan O’Lionaird said: “Millbrook represents our largest purchase to date of a pure testing services business. It is closely related to our existing instrumentation businesses and, as such, the acquisition is an important step forward in the realisation of the Group’s strategy to provide our customers with differentiated solutions that incorporate a combination of hardware, software and services.
“We believe that there is a significant opportunity for Millbrook to strengthen its market position and accelerate its growth through continuing its recent capital investments and making bolt-on acquisitions to expand internationally and broaden its service portfolio.”
Millbrook Group chief executive Alex Burns said: “This is a strategic move for Millbrook and we are very excited to be joining Spectris.
"There are many advantages to becoming part of this global group, which will underpin our investment plans. Spectris’ other portfolio companies will bring us expertise and capabilities so we can offer our customers innovative solutions.
“We will retain all jobs in Millbrook and we will have the opportunity to accelerate Millbrook’s growth through investment and expansion into key international markets. We will remain independent and impartial and benefit from the stability that this change brings to Millbrook Group.”
A spokesman for Rutland Partners said: “Through extensive completed and planned capital expenditure the business is primed to drive strong growth for its new owners.”
Spectris is a long-established supplier of productivity-enhancing instrumentation and controls.
Headquartered in Egham, Surrey, and listed in the UK, Spectris has annual revenues of around £1.2 billion and now employs 8,700 people in more than 30 countries.