Ultra acquires Varisys Limited
Ultra announces that it has acquired Varisys Limited ("Varisys") for an initial cash consideration of £16m. Additional payments of up to £2m will be payable subject to performance over the next two years.
Varisys designs and manufactures products for high performance embedded computing applications. Its products and services portfolio include bespoke solutions for customers operating in the aerospace, defence, telecommunications, and industrial sectors. The acquisition will give Ultra an organic capability in this specialist, niche area, allowing Group businesses to meet customer requirements more quickly and cost-effectively. Varisys is a privately-held British company based in High Wycombe, UK, and was acquired from its founders, Paul Gentle and Adam Barnes; both will remain with the business under Ultra ownership.
The acquisition of Varisys will be financed using Ultra's existing facilities and is expected to be earnings enhancing in 2013. Varisys will continue to operate from its current location as part of Ultra's existing Controls business within the Aircraft & Vehicles Systems Division.
Rakesh Sharma, Chief Executive of Ultra, commented:
"I am pleased that Varisys has joined the Group. Varisys has an excellent position in providing bespoke high performance processing solutions to meet the challenging needs of the aerospace, defence, telecommunications and industrial markets. This acquisition fits Ultra's strategy of growth in specialist, niche electronic markets."