Fuel Analysis Specialist Spectro Sold
UK defense firm QinetiQ acquired Spectro in 2008 for an initial consideration of $12.2 million. Spectro’s products for fuel analysis include particle-sizing systems, IR spectrometers, optical emission spectrometers and viscometers.
Rye, NY 7/7/11; Farnborough, UK 7/7/11—Spectro, a provider of instrumentation for oil and fuel analysis, has been acquired from QinetiQ by SFW Capital Partners, CEO Suneet Chadha and senior management for a total cash consideration of £20.5 million ($32.9 million = £0.62 =$1). The sale is expected to generate proceeds of £17 million ($27.2 million). For the year ending March 31, Spectro recorded revenues of $19.5 million. “Spectro’s management has achieved steady growth over the past five years, and today the company is the leading provider of analytical instrumentation and tools for oil and fuel analysis and machine-condition monitoring,” stated Roger Freeman, an SFW partner. Headquartered in Littleton, Massachusetts, Spectro was founded in 1981.
