Augusta Technologie, a German sensor and vision technology company and parent company of Allied Vision Technologies, has acquired 100 per cent of shares of Vancouver-based LMI Technologies for USD 30 million plus expected earn-out payments of around USD 10 million. LMI is a provider of 3D laser measurement sensors.
In the past 12 months, LMI generated revenues of USD 20 million with an operating margin (EBITDA) of approximately 20 per cent. The company's worldwide workforce now numbers around 75 employees.
Following the recent acquisitions of the companies P+S Technik and VDS Vosskühler, the acquisition of LMI Technologies represents a further important step for Augusta. 'LMI is a perfect fit to our vision segment and will give us access to the rapidly growing 3D market. The acquisition will pave the way for further above-average growth. This will significantly improve our sales volume in the vision segment and the margin situation for the entire Augusta Group,' said Amnon Harman, CEO of Augusta Technologie.
LMI's innovative technology offers entry into the growing 3D market and further regional expansion especially into North America.
Through Augusta, LMI can expand its distribution channels for its Gocator 3D measurement sensor. Additionally, LMI will benefit from the extensive camera technology capabilities to further develop unique 3D solutions.
The CEO of LMI Technologies, Terry Arden, will retain his position following the acquisition of the company. 'We are delighted to become part of the Augusta Group, given the attractive synergies arising for both parties.'
'With sales of more than 60,000 3D camera systems, LMI Technologies has impressively proven that it is one of the world's leading suppliers. The products are optimised for application-specific requirements and hence in considerable demand among the global customer base. This will also enable us to expand into new areas of application,' said Arno Pätzold, CDO of Augusta Technologies. 'We expect to be able to increase the current profitability of LMI by more than 15 per cent per year through above-average growth in comparison to other vision segments and synergies. Considering this financial performance and the large volume of the earn-out component, we are convinced that the purchase price is very reasonable,' added Pätzold.
