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Hamilton Thorne acquires manufacturer of lab monitoring systems for £8.8M

Hamilton Thorne Ltd. acquired Sunbury Holdings Ltd. and its wholly owned unit Planer Ltd. for £8.8 million in cash and stock.

Sunbury, England-based Planer manufactures incubators, control rate freezers and lab monitoring systems.

Hamilton Thorne, which develops precision instruments, consumables, software and services for the healthcare research market, paid £6 million in cash and issued 1,414,283 common shares valued at about £1 million, based on C$1.14 per share.

Additionally, Hamilton Thorne assumed the debt of Sunbury Holdings and Planer and issued a promissory note for about £1.8 million.

Hamilton Thorne used cash on hand and $3 million from its credit facility with Middlesex Savings Bank to fund the transaction, which is subject to approval from the TSX Venture Exchange.