Lexington Corporate Finance advises Teer Coatings on sale to Judges Scientific
AIM-listed Judges Scientific has moved to acquire manufacturing company Teer Coatings, which received sell-side M&A advisory guidance from Lexington Corporate during the sale process.
Headquartered in Droitwich, Worcestershire, Teer Coatings specialises in the application of cutting-edge coatings, utilising state-of-the-art physical vapor deposition (PVD) Magnetron Sputtering, to improve the performance and durability of materials. The company has designed and manufactured new and refurbished coating systems based on our patented deposition technology, from small R&D systems to large production systems. It has also published more than 110 scientific papers and successfully completed over 30 funded collaborative projects with a total value of £35 million.
This leading market position attracted interest from Judges Scientific. A UK-based company founded in 2002, the firm focuses on acquiring and developing companies within the scientific instrument sector. Its principal activities comprise the design, manufacture and sale of scientific instruments.
The deal for Teer Coatings is a strategic acquisition for Judges, as it continues to pursue both acquisitive and organic growth. The move also enables Teer Coatings to benefit from Judges’ scale and backing as it pursues its own growth strategy.
The dealmaker
Several professional services firms were involved in the deal. A team from Lexington Corporate Finance, led by director Thomas Edwards, executive Kevin Kong, and associate Twm Westcott, advised Teer Coatings on the sale.
The Lexington team led the process end-to-end, preparing the business for the market, identifying potential buyers with a good cultural and strategic fit and managing negotiations. This included successfully securing necessary National Security & Investments Act (NSIA) approval for the deal.
Wayne Southall, director at Teer Coatings, commented, “It was important for us to find a buyer that aligned with our culture and that would help to continue the business to grow. The support provided by Thomas and the team has been second to none. They were always there to provide us with support and assistance and were by our side to navigate what at time was a very complex transaction.”
The move also marks an important milestone for Lexington, as the first deal it has completed since it was acquired by FRP Advisory in July. The acquisition saw Lexington’s founder, Gary Partridge, join FRP Advisory as a partner along with all 14 other members of the Lexington team, and established FRP Advisory’s first office in Wales. Lexington will soon be going to market as FRP Corporate Finance.
Speaking on the engagement, Director Thomas Edwards said, “Teer Coatings is a business that has built up a strong reputation for its high-quality coating solutions, so it was no surprise that there was a significant amount of interest in the Company. Judges Scientific is a great fit for the business and wish both teams all the best for the next stage of their journey.”
