Safety equipment company Halma has acquired an electrical testing technology firm for more than £40m.
The Buckinghamshire-headquartered company, which is listed on the London Stock Exchange, has snapped up MK Test.
The acquired business was founded in 1990 and is headquartered in Wellington, Somerset.
MK Test designs and manufactures safety-critical electrical testing technology and its products are used globally to test the integrity of high-voltage electrical systems in aerospace, rail and commercial EV industries.
Halma has bought the company for a cash consideration of some £44m, on a cash- and debt-free basis, and will be funded from Halma’s existing facilities.
MK Test’s unaudited revenue for the 12 months to March 2024 was £12.4m. The firm will be a standalone company within Halma’s Safety sector, led by its current management team.
Marc Ronchetti, group chief executive of Halma, said: “MK Test further enhances our capabilities in electrical safety and brings new opportunities for growth, driven by increasing safety regulation and the need to protect high-value assets.”
He continued: “Its technology plays an important role in automated electrical testing and in ensuring the integrity of electrical systems.
“We are delighted to welcome MK Test and to support its development as it continues to scale its business globally.”
Jason Evans, managing director of MK Test, added: “Passenger and operator safety is a top priority for our customers.
“They must ensure that platforms and machines with increasingly complex electrical systems are manufactured and assembled correctly, are operating within specification, and are being properly maintained.”
Evans continued: “Joining Halma means we can grow our business in key markets while helping more businesses meet increasing safety regulations and demands for test traceability.
“MK Test Systems is aligned with Halma’s purpose of growing a safer, cleaner, healthier future for everyone, every day.”