TESCAN GROUP acquired by SHIMADZU CORPORATION
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.
The Carlyle Group had previously taken control of the company through an LBO in 2022.
TESCAN GROUP, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN as high as the average currently observed in the Industry & Manufacturing sector (10.8x).
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
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.
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Historical Financials (USD)
Other operations with TESCAN GROUP
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 12/2022 | THE CARLYLE GROUP | TESCAN GROUP | CZECH REPUBLIC | Industrial Equipment | In December 2022, The Carlyle Group announced the acquisition of a majority stake in Tescan, a Czech manufacturer specializing in scientific instruments and advanced electron microscopy technologies. This strategic investment not only provides Carlyle with a controlling interest in a niche market player but also positions the firm to capitalize on a high-growth segment driven by sustained demand for advanced analytical solutions and precision instrumentation. As part of its investment thesis, Carlyle plans to support Tescan's next phase of development, focusing on product innovation, enhancing its high-end positioning, and accelerating international expansion. Furthermore, the private equity firm aims to leverage the market's fragmentation to drive both organic growth and consolidation opportunities, while increasing the group's exposure to high-growth segments such as semiconductors and cutting-edge technologies. |
REFERENCES
Valuation range: EV 500M - 1.5b USD
Revenue range: 100M - 200M USD
EBITDA range: 25M - 50M USD
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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).
Target: tescan group
Acquirer: shimadzu corporation