mynth
01/2026100%

Tescan Group acquired by Shimadzu Corporation

CZECH REPUBLIC Industrial Equipment / Special Machinery / Instrumentation & Measurement EV $500M–1.5bn

Context

Shimadzu Corporation has entered into an agreement to acquire Tescan from The Carlyle Group, as part of a strategic plan to bolster its position in the global scientific instruments and advanced imaging technologies market. Under Carlyle's ownership since 2023, Tescan has undergone significant transformation, accelerating its growth, strengthening its international development, and solidifying its presence in the semiconductor-related markets. Concurrently, the company has enhanced its offerings by developing new workflows dedicated to these applications, while expanding its service capabilities and structuring its industrial partnerships. This acquisition by Shimadzu is aimed at increasing its exposure to high-growth segments, including semiconductors, nanotechnology, and materials science. The transaction's appeal lies in the technological complementarity between the two groups, with Tescan bringing advanced solutions in electron microscopy, ion beam systems, and microanalysis, thereby complementing Shimadzu's existing portfolio. Beyond the addition of assets, the operation is driven by a genuine industrial logic, combining Tescan's innovation capabilities with Shimadzu's global expertise in analytical instrumentation. The goal is to create a more integrated offering that better addresses the growing demand for high-precision imaging solutions and advanced materials analysis. This deal also illustrates a broader trend of consolidation in the scientific technologies sector, where players are seeking to expand their portfolios to more comprehensively cover the value chain of analysis and advanced imaging. The acquisition is expected to leverage the synergies between Shimadzu's and Tescan's technologies, enabling the development of more comprehensive and integrated solutions for customers. By combining their strengths, the two companies aim to enhance their competitive position in the global market and drive growth in the scientific instruments and advanced imaging technologies sector. Ultimately, this transaction demonstrates Shimadzu's commitment to investing in strategic assets that can drive long-term growth and expansion in high-growth markets.

It is worth noting that the fund The Carlyle Group took control of Tescan Group through an LBO in 2022.

Tescan Group, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Industry & Manufacturing sector (11.7x in 2026).

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Target

Tescan Group is a global leader in high-precision scientific and analytical instruments, with a recognized expertise in imaging and electron microscopy technologies. Founded in 1991 and headquartered in Brno, Czech Republic, the company develops and markets advanced solutions for the observation and analysis of micro and nano-scale structures. Its technology portfolio includes scanning electron microscopes, ion beam systems, micro-CT scanners, 4D transmission electron microscopes, and ultra-fast laser micromachining solutions. These instruments enable the exploration and characterization of materials with extremely high precision, catering to the demanding needs of sectors such as materials science, life sciences, and the semiconductor industry.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
$100–200M
$25–50M
[members only]
2024
$100–200M
$25–50M
[members only]

Other operations with Tescan Group

Other operations with Tescan Group
DateAcquirerTargetCountrySector
12/2022THE CARLYLE GROUPTESCAN GROUPCZECH REPUBLICInstrumentation & Measurement

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REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $100–200M

EBITDA range: $25–50M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

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

Target: tescan group

Acquirer: shimadzu corporation

FAQ

What transaction does this page cover?

This page covers Shimadzu Corporation’s acquisition of 100% of Tescan Group, a Czech company specialised in Special Machinery, in 2026. This followed an earlier holding cycle initiated in December 2022, when the company was acquired by The Carlyle Group.

How was the acquisition of Tescan Group by Shimadzu Corporation 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 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Tescan Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Tescan Group generated annual revenue estimated in the $100–200M range and EBITDA in the $25–50M bracket (FY 2025). Detailed financial figures are available to members.

How does the valuation of Tescan Group compare to benchmarks in the Industry & Manufacturing sector?

With an estimated valuation multiple in the range of 15x - 25x, Tescan Group trades above the median sector multiple of 11.7x observed for the Industry & Manufacturing sector in 2026. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

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.

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