MILLBROOK acquired by UTAC CERAM
Context
Utac Ceram acquired 100% of Millbrook from the British group Spectris. This transformative transaction, signed shortly after the acquirer's secondary LBO, allowed the group to double its size in terms of both revenue and headcount. The strategic rationale is centered on creating the most comprehensive vehicle testing and validation offering in the European market by combining the acquirer's autonomous vehicle expertise with the target's electric vehicle testing capabilities. Geographically, the merger provides a balanced footprint for both hot and cold weather testing and strengthens the group's position with international manufacturers, particularly through shared teams in China and the United States. Financing for the operation was secured as part of the group's recent leveraged buyout.
MILLBROOK, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Business Services sector (11.4x).
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Target
Established as a leading British specialist in vehicle testing and validation, Millbrook provides comprehensive engineering services for the automotive industry. It operates several major proving grounds and testing facilities in the United Kingdom, the United States, and Northern Finland, specializing in cold-weather track testing. The company is particularly recognized for its advanced expertise in electric vehicle (EV) testing and powertrain development. With a workforce of approximately 700 employees, it serves a global client base of automotive manufacturers and suppliers, offering specialized capabilities in crash testing, emissions, and safety validation across various environmental conditions.
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| 01/2021 | KILOUTOU | SALMAT | FRANCE | Equipment Rental |
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| 09/2020 | EURAZEO / FCDE (FONDS DE CONSOLIDATION ET DE DEVELOPPEMENT DES ENTREPRISES) | UTAC CERAM | FRANCE | TIC (Testing, Inspection, Certification) |
| 09/2020 | APPLUS+ GROUP | RELIABLE ANALYSIS | CHINA | TIC (Testing, Inspection, Certification) |
| 07/2020 | XEBEC | AIR FLOW | UNITED STATES | Industrial & Technical Distribution |
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REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 50M - 100M EUR
EBITDA range: 5M - 25M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.