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10/2023

ALPHA INSTRUMATICS acquired by HALMA

UNITED KINGDOM Industrial Equipment / Special Machinery / Instrumentation & Measurement EV 20M - 50M GBP

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 in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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

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Historical Financials (GBP)

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2023
2022

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REFERENCES

Valuation range: EV 20M - 50M GBP

Revenue range: 5M - 25M GBP

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: halma