ORLANDO, USA: 600 Group PLC, the diversified industrial engineering company, announced the acquisition of US-based Control Micro Systems Inc. (CMS), an industry-leading solutions provider for integrated laser applications. [the_ad id=”31605″]CMS provides turnkey, custom-designed and fully-automated laser process machines and systems to a diverse base of US and international blue-chip customers across a range of industries, including industry-leading positions in the high-growth precision medical equipment, pharmaceutical and aerospace sectors.
The use of industrial lasers continues to expand worldwide providing a large and growing market opportunity with laser systems fast becoming a mainstream and integral manufacturing process. The acquisition of CMS is highly complementary to the Group’s existing laser business, enhancing its customer offering by providing ever more sophisticated, value-add and custom solutions to customer requirements whilst CMS will likewise benefit from the Group’s established sales platform and marketing capability.
The business is being acquired from founder and sole owner Mr Tim Miller, who will remain with the business for a minimum period of three years to oversee the transition and provide technical expertise.
CMS has been acquired for a total consideration of $10 million comprising a cash consideration of $9 million and $1 million of 600 Group plc shares.
The business has grown consistently over recent years with revenues for the year ended 31 December 2018 of $11.6 million generating a reported pre-tax profit of $1.2 million. Gross assets at 31 December 2018 were $7 million including cash and cash equivalents of $3.1 million.
Paul Dupee, Executive Chairman, commented: “The acquisition of CMS significantly enhances the Group’s laser business and marks a further step forward in our strategy of building a global business across increasingly diversified niche markets worldwide.
“CMS has a long-established track record for delivering high quality customer solutions and will likewise benefit from the Group’s established sales platform and marketing capability. We are delighted to welcome CMS and its employees into the Group.”