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10/2023

ALPHA INSTRUMATICS acquired by HALMA

UNITED KINGDOM Industrial Equipment / Special Machinery / Instrumentation & Measurement EV £20–50M

Context

The successful acquisition of Alpha Instrumatics represents a tactical expansion of Halma’s analytical instrumentation capabilities within its Environmental & Analysis segment. This transaction marks the integration of Alpha Instrumatics’ highly specialized trace moisture detection technology, effectively widening the technical operational depth available to Alicat Scientific’s global industrial gas and energy transition customers. The strategic rationale centers on the industrial synergy between Alpha Instrumatics’ moisture analysis hardware and Alicat’s established mass flow control portfolio.

By taking control of Alpha Instrumatics, Halma continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Apriomed in 2023.

ALPHA INSTRUMATICS, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Industry & Manufacturing sector (11.7x).

-> Deep-dive in Industry & Manufacturing market trends

Target

Alpha Instrumatics is a specialized technology organization dedicated to the engineering and manufacturing of high-precision devices for the measurement of trace moisture within various gas types. The entity’s business model is centered on a proprietary framework of analytical instrumentation that enables the ultra-sensitive detection of moisture levels, a mission-critical requirement for the safety and efficiency of industrial processes. Its value proposition is anchored in technical operational depth, allowing for the optimized transfer of hydrocarbons, the protection of high-value industrial assets from corrosion, and the enhanced accuracy of pollutant detection. Strategically, the firm focuses on addressing non-discretionary safety and environmental requirements across growth markets, including the global industrial gas ecosystem, the aerospace sector, and the emerging hydrogen energy landscape. By maintaining a specialized focus on gas purity and moisture control, the organization ensures a mission-critical role in the structural transition toward cleaner energy and more resilient industrial systems.

Ent. Value

£20–50M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2023
£5–25M
[members only]
[members only]
2022
£5–25M
[members only]
[members only]

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REFERENCES

Valuation range: EV £20–50M

Revenue range: £5–25M

EV/Revenue range: 2x - 6x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ALPHA INSTRUMATICS by HALMA are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: halma