a global supplier of innovative test (inTEST ) and process solutions for the automotive, defense/aerospace, industrial, life science, semiconductor and telecommunications markets, announced that it has entered into a definitive agreement to acquire Acculogic Inc. (“Acculogic”) and its affiliates, a global manufacturer of robotics-based electronic production test equipment and application support services, for approximately USD$9 million. The purchase price is expected to be funded with borrowings under the Company’s existing delayed draw term credit facility. The transaction is expected to close within the next 30 days, subject to the satisfaction of customary closing conditions.
“Acculogic is a natural fit for inTEST and aligns with our 5-Point Growth Strategy. This acquisition will add electronics test capabilities with new technologies and services as well as broaden our customer base, further our end market diversification and expand our international footprint,” commented Nick Grant, inTEST President & CEO. “Acculogic provides differentiated flying probe know-how and solutions to the circuit test markets. Of note, it has gained an early position in electric vehicle battery testing applications, which would expand inTEST’s portfolio of solutions for electric vehicle OEMs. With the planned acquisition of Acculogic, we are creating an electronic test platform that goes beyond the semiconductor market with deeper penetration in defense, aerospace and life science markets.”
He added, “Our goal is to grow the business at a greater rate than the market by expanding its global reach and enhancing its product portfolio.”
With the acquisition, inTEST will be adding approximately USD$9 million in annual revenue. The Company expects incremental acquisition-related expenses to be approximately $0.05 per diluted share of which approximately $0.02 are expected in the fourth quarter of 2021 regardless of the timing of closing. In addition, the Company intends to invest in growth in the first half of 2022 as Acculogic operations are integrated.