Icon Scientific, a UK-based designer and manufacturer of process instrumentation, has been sold to Petroleum Analyzer Company (PAC), a US-based manufacturer of laboratory and process analyzers. PAC is a subsidiary of Indicor, a US-based diversified industrial solutions company providing specialized, mission-critical products for industrial manufacturers through a global portfolio of proven, best-in-class technology brands.
UK-headquartered Icon Scientific is a technology-driven manufacturing company with a highly innovative range of proprietary explosion-proof, certified blending optimizers, and physical property analyzers for midstream and downstream processing applications.
Houston-headquartered PAC is a leading global manufacturer of advanced analytical instruments, delivering solutions for the petrochemical, hydrocarbon, process, aviation, packaging, pharmaceutical, renewable fuel, and medical device industries since 1931.The acquisition further enhances PAC’s high-growth sustainability portfolio through Icon’s one-of-a-kind ethanol blending solution. This technology leverages automation and high-precision capabilities to eliminate uncertainty in the gasoline blending process, enabling refineries to achieve online certification of the final product.
EC M&A acted as the exclusive financial advisor to the shareholders of Icon Scientific on this transaction.