discoverIE Group plc (“discoverIE”) has acquired the trade and assets of Phoenix America Inc (“Phoenix America”), for an upfront consideration of $11.0m (£8.5m) on a debt free, cash free basis, with further contingent cash consideration of up to $1.5m (£1.2m), payable subject to the achievement of certain profit growth targets over a three year period.
Phoenix America, based in Fort Wayne, Indiana, is a designer and manufacturer of magnetically actuated sensors, encoders and related products for industrial customers in the US. The business will operate within discoverIE’s Variohm business cluster in the Design & Manufacturing division, retaining its distinct brand identity and high quality management. Phoenix America’s complementary product range and wider access to customers will create good cross-selling opportunities in target markets for both Variohm in the US and Phoenix in Europe.
discoverIE (LSE: DSCV) is an international group of businesses that designs, manufactures and supplies highly differentiated, innovative components for electronics applications.
EC M&A acted as the exclusive financial advisor to discoverIE on this transaction.
