10 January 2024
Oxford Instruments acquires First Light Imaging SAS
Oxford Instruments plc (“the Group”, “Oxford Instruments”), a leading provider of high technology products and services to industry and scientific research communities, today announces the acquisition of First Light Imaging SAS (“First Light”), a scientific camera specialist.
Based near Aix-en-Provence, France, 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. It will become part of Oxford Instruments Andor (“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 31 December 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.”