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04/2016100%

Morpho Detection acquired by Smiths Group

UNITED STATES Industrial Equipment / Safety & Security EV $500M–1.5bn

Context

Smiths Group has entered into a definitive agreement to acquire 100% of the share capital of Morpho Detection from Safran S.A. The acquisition is a pivotal strategic move designed to consolidate and strengthen the Group's position within the global threat detection and security solutions market. By merging Morpho Detection with its existing Detection division, Smiths Group intends to create a best-in-class provider of mission-critical security technology for air transportation, borders, and critical infrastructure. The combination leverages highly complementary product portfolios, creating a broad offering of leading threat detection technologies. Furthermore, the transaction allows Smiths Group to significantly scale its recurring aftermarket services and software engineering capabilities. This integration is expected to enhance the Group’s ability to respond to evolving global threat environments while driving long-term growth through technical leadership.

Morpho Detection, which reported an EBITDA margin of [members only] in 2015, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Industry & Manufacturing sector (11.7x in 2026).

-> Deep-dive in Industry & Manufacturing market trends

Target

Morpho Detection designs and manufactures advanced detection and security systems critical for securing airports, borders, and high-risk infrastructure such as nuclear power plants and government facilities. The business model centers on the supply of Computed Tomography Explosive Detection Systems and Trace Detection equipment, supported by an extensive services portfolio. This service-led approach, which integrates software-enabled maintenance and diagnostics, allows the firm to sustain long-term relationships with global customers. The company’s technology is certified by major international regulatory bodies, underscoring its role as a trusted partner for public and private sector security. By combining hardware manufacturing with software-driven operational efficiency, the company provides end-to-end security solutions that address evolving global threat environments.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

10x–18x

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2015
$250–500M
$50–100M
$50–100M
2014
$250–500M
$50–100M
$50–100M

Other operations with Smiths Group

Other operations with Smiths Group
DateAcquirerTargetCountrySector
03/2026SMITHS GROUPDRC HEAT TRANSFERUNITED STATESBoilers & Thermal Solutions

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REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $250–500M

EBITDA range: $50–100M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Morpho Detection by Smiths Group 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.

Acquirer: smiths group

FAQ

What transaction does this page cover?

This page covers Smiths Group’s acquisition of 100% of Morpho Detection, an American company specialised in Safety & Security, in 2016.

How was the acquisition of Morpho Detection by Smiths Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Morpho Detection’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Morpho Detection generated annual revenue estimated in the $250–500M range and EBITDA in the $50–100M bracket (FY 2015). Detailed financial figures are available to members.

How does the valuation of Morpho Detection compare to benchmarks in the Industry & Manufacturing sector?

With an estimated valuation multiple in the range of 10x - 18x in 2016, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Industry & Manufacturing sector are valued at a multiple of 11.7x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.