Management Buyout at Agar Scientific
UK-based Agar accounted for 8% of Elektron’s 2015 sales. Agar’s 2015 operating profit was estimated at £0.24 million ($0.39 million). Agar offers over 5,000 products for all types of microscopy, including small tools and products for sample preparation. Elektron acquired Agar when it purchased Hartest in 2010.
London, UK 5/23/16; Stansted, UK 5/23/16; London, UK 5/25/16—Publicly held Elektron Technology, a supplier of engineered products for companies that connect, monitor and control, has sold its Agar Scientific business to management and private equity group Foresight Group for £2.3 million ($3.4 million = £0.68 = $1) in cash. Foresight Group invested £1.9 million ($2.8 million). Agar manufactures and distributes electron microscopy consumables and accessories. For the period ending January 31, 2015, the business generated sales of £3.5 million ($5.7 million = £0.61 = $1). Darren Likely was named the new managing director. “Whilst maintaining and promoting service levels, we plan to improve the product range and customer engagement through online channels, whilst also improving our global reach,” stated Dr. Likely.
