Oxford Instruments Acquires Asylum Research
Asylum Research has been acquired by Oxford Instruments. Asylum Research is being acquired from its management for an initial debt free, cash free consideration of US$32.0 million with a deferred element of up to US$48.0 million payable over three years dependent on its performance over that period. Asylum Research generated Earnings Before Interest and Taxation (EBIT) of $1.1 million in the twelve months to December 31, 2011 from revenue in the same period of $19.6 million. It had gross assets of $6.2 million as at December 31, 2011. The acquisition will be funded from existing facilities. Asylum Research will remain in Santa Barbara, CA and keep its current management structure with co-founders Dick Clark, Chief Financial Officer, Roger Proksch, President, and Jason Cleveland, Chief Executive Officer.