RAYSPEC, A LEADING MANUFACTURER OF INNOVATIVE DETECTORS FOR X-RAYS HAS BEEN ACQUIRED BY JAPANESE POLATECHNO, CO. LTD

Livingstone’s Industrial sector team has advised Baird Capital and the shareholders of its portfolio company RaySpec, a leading manufacturer of innovative detectors for X-rays, on its acquisition by Japanese Polatechno, Co. Ltd.

Headquartered in High Wycombe, UK, RaySpec (previously known as SGX Sensortech) is a leading supplier of high specification silicon-based energy dispersive X-ray detectors and electronic pulse processing systems. The company designs, manufactures and sells detectors and systems for research equipment in the X-ray analytical market, serving an international customer base.

The transaction provides Polatechno and its Utah-based subsidiary Moxtek with access to RaySpec’s suite of innovative products and will allow for close collaboration between the two businesses on new X-ray technologies in the future.

Dennis Hall, Partner & Co-Head Global Portfolio Operations for Baird Capital, commented: “We are very pleased to have supported RaySpec’s development and believe that Polatechno and its subsidiary Moxtek (with whom RaySpec have an existing close trading relationship) provide an excellent platform to further expand their mutual businesses.”

He continued, “Graham and the Livingstone team brought excellent insight and support in managing a complex international process which also included the inevitable sensitivities around RaySpec’s existing business relationships.”

Peter Smith, Managing Director at RaySpec added: “Livingstone showed great dedication and support throughout this important process and their technical and sector experience really helped us achieve a great result for all the shareholders.”

Graham Carberry, Partner at Livingstone, commented: “We’re delighted to have worked with Baird and an outstanding management team at RaySpec. It’s a great story of consistent investment in R&D and innovation and Polatechno is ideally positioned to take RaySpec to the next level. ”

The completion of this transaction further reinforces Livingstone’s position as advisers of choice to business owners seeking a strategic acquirer in the advanced sensors and instrumentation space, following on from the recent sale of Morgan Advanced Materials’ piezo sensors business to CeramTec and the sale of Nu Instruments to US-based AMETEK, Inc.