daily coverage of the optics & photonics industry and the markets that it serves
Featured Showcases
Photonics West Showcase
Business News

G&H acquires Artemis Optical for £8.9 million

20 Jul 2023

Deal enhances group’s portfolio and creates new opportunities for vertical integration and cross-selling.

G&H, a developer of precision optics and photonics solutions, yesterday (July 19th) announced the acquisition of Artemis Optical, a Plymouth, UK-based manufacturer of thin-film coatings.

G&H stated that the deal, valued at £8.9 million ($11.5 million), “enhances its product portfolio and creates new opportunities for vertical integration and the cross selling of enhanced combined capabilities.”

Under the new company name, “G&H | Artemis”, the partnership marks a significant milestone in the journey of both companies. With origins dating back almost 200 years to a pioneering optician in Victorian London’s Wigmore Street, the Plymouth-based Artemis Optical currently employs 40 staff. G&H is planning for the newly-acquired site to become a Center of Excellence for coatings within the Group.

Terms of the acquisition

The terms of the acquisition were published on the London Stock Exchange website:

“The total consideration payable for Artemis by G&H is up to £8.9 million. This comprises an initial cash consideration of £4.5 million, funded from existing resources, together with £2.4 million of new G&H ordinary shares to be satisfied by the issue of 412,088 new G&H ordinary shares.

“There is a deferred contingent cash consideration of up to £2.0 million, payable based upon Artemis' performance in the two years ending 31 July 2025. The acquisition is expected to complete on 21 July 2023.

“In its financial year ended 31 March 2023 Artemis' revenue was circa £4.3 million and adjusted EBITDA was circa £0.7 million. As at the end of June 2023 Artemis had gross assets of circa £3 million. This acquisition is expected to be marginally earnings enhancing in the first full financial year of G&H’s ownership.”

G&H commented that it had selected Artemis due to its “state-of-the-art facilities and highly skilled team”. This investment also complements G&H’s June 2023 acquisition of GS Optics, further developing the group’s position in the aerospace, defence and life sciences sectors at the same time as fostering greater innovation within the organization.

Charlie Peppiatt, CEO of G&H, commented, “The addition of Artemis Optical to G&H is an exciting new chapter of accretive growth for the company and innovation for our combined customers.”

He added, “Artemis’ renowned excellence in thin-film coatings complements our existing capabilities to enable us to deliver advanced photonics technology and unparalleled value for our customers. Together, we are well-positioned to accelerate our customer focused innovation plans and create a better world with photonics.”

Artemis will continue to maintain its dedicated focus on serving markets such as aerospace, military and defence, life sciences, and various other technology applications.

Jamie Pindard, General Manager of Artemis Optical, said, “The acquisition of Artemis by G&H is an exciting milestone for both of our journeys. I am confident that existing customers of both companies will benefit from the combined expertise, resources and global reach that we can now bring to the market.”

Universe Kogaku America Inc.LASEROPTIK GmbHMad City Labs, Inc.TRIOPTICS GmbHSPECTROGON ABCHROMA TECHNOLOGY CORP.LaCroix Precision Optics
© 2024 SPIE Europe
Top of Page