Nederman has today signed and completed a deal to acquire 100% of the shares in Gasmet Technologies Oy, a world leading supplier of FTIR gas analysis solutions for both continuous emission and mercury monitoring systems and portable gas analysers. Based in Helsinki, Finland the company also operates globally through entities in Germany, UK, Canada, Hong Kong and Austria.
Gasmet, founded in 1990, is the leading FTIR (Fourier Transform Infrared Spectroscopy) gas analyser and emissions monitoring system provider, with more than 30 years of FTIR experience.
Gasmet develops, manufactures and markets complete solutions for monitoring industrial emissions and portable instruments to study climate change and ensure people’s safety. The company has supplied more than 4000 analysers worldwide having the largest installed base for on-site and industrial applications, in approximately 80 countries. In the field of gas analysis, the company has established an international reputation for innovative, customer-driven and reliable solutions.
“Gasmet will be part of Nederman’s Monitoring & Control Technology division where Gasmet’s monitoring technology will be highly complementary”
The acquisition price amounts to an enterprise value of approximately EUR 56 million on a cash and debt free basis. The acquisition is funded by a combination of cash and existing bank facilities.
With more than 100 employees globally, Gasmet had a turnover in 2018 of more than EUR 21 million. Turnover for 2019 is likely to grow significantly. The acquired business has an EBITDA margin in excess of that of the Nederman Group, though due to acquisition costs and the short period of Nederman ownership during 2019, the positive impact on earnings per share is not expected to start until 2020.
Gasmet will be part of Nederman’s Monitoring & Control Technology division where Gasmet’s monitoring technology will be highly complementary to that of both Neo Monitors acquired in 2017, and Auburn FilterSense acquired during 2018. The Gasmet brand and team will continue to operate as before and the technologies will be integrated into Nederman’s solutions and the Nederman Insight application and digital ecosystem.
“There is an excellent strategic fit between Nederman and Gasmet. The world leading and complementary technologies from this acquisition strengthens our Monitoring & Control Technology division’s position, which will in turn allow Nederman to further enhance our Clean Air products, solutions and services going forward,” says President and CEO, Sven Kristensson.