Belfast's Oxford Instruments Andor acquires French firm for over €18million

UK manufacturing and research company Oxford Instruments plc, which owns Northern Ireland scientific equipment manufacturer Andor Technology, has acquired French firm First Light Imaging SAS.

Based near Aix-en-Provence, and founded in 2011, First Light specialises in the design and manufacture of high-speed, low-noise scientific cameras for infrared and visible imaging, with applications in astronomy and life sciences.

The new business will become part of Belfast’s Oxford Instruments Andor, with a common global customer base spanning leading academic institutions and commercial companies. Its cameras are highly complementary to Andor’s existing scientific camera portfolio, with the acquisition providing opportunities to enhance both companies’ offerings and to expand into adjacent markets.

Under the terms of the acquisition, Oxford Instruments is paying an initial cash consideration of €15.7m, on a cash-free, debt-free basis, with a further €3m cash consideration conditional on First Light’s trading performance over a 12-month period following completion.

First Light’s estimated revenue for the 12 months to December 31 2023 is €8.0m (£7.0m), with return on sales below the average for the Group.

Richard Tyson, chief executive officer, Oxford Instruments plc, said: “We are delighted to welcome the talented First Light team to Oxford Instruments. Like us,

they have a reputation and track record for quality, innovation and scientific expertise, and their leading range of products dovetails well with our scientific camera portfolio. Joining forces will significantly enhance our world-class camera offering to our combined customer base and drive First Light’s next phase of growth as part of the wider Group.

“Our expanded portfolio will help us accelerate our customers’ roadmaps in the life science market and in physical sciences, a long-standing area of strength for Oxford Instruments.”

David Boutolleau, co-founder of First Light, said: “Joining Oxford Instruments and Andor is a real opportunity for First Light Imaging.

“After 12 years building First Light as a successful independent business, it became clear that to take the business to the next stage of its development, we would need industrial and commercial support to reinforce our manufacturing, technology and routes to market.

“Our acquisition by Oxford Instruments Andor accelerates our growth and secures our future for our customers, partners and employees.”