inTEST has entered into a definitive agreement to acquire Acculogic and its affiliates for approximately $9 million.
inTEST Corp. has entered into a definitive agreement to acquire Acculogic Inc. and its affiliates for approximately $9 million. The purchase price is expected to be funded with borrowings under the company’s existing delayed draw term credit facility. The transaction is expected to close within the next 30 days, subject to the satisfaction of customary closing conditions.
“Acculogic is a natural fit for inTEST and aligns with our 5-Point Growth Strategy. This acquisition will add electronics test capabilities with new technologies and services as well as broaden our customer base, further our end market diversification and expand our international footprint,” said Nick Grant, inTEST President and CEO. “Acculogic provides differentiated flying probe know-how and solutions to the circuit test markets. Of note, it has gained an early position in electric vehicle battery testing applications, which would expand inTEST’s portfolio of solutions for electric vehicle OEMs. With the planned acquisition of Acculogic, we are creating an electronic test platform that goes beyond the semiconductor market with deeper penetration in defense, aerospace and life science markets.”
With the acquisition, inTEST will be adding approximately $9 million in annual revenue. The company expects incremental acquisition-related expenses to be approximately $0.05 per diluted share of which approximately $0.02 are expected in the fourth quarter of 2021 regardless of the timing of closing. In addition, the company intends to invest in growth in the first half of 2022 as Acculogic operations are integrated. In 2022, net of transaction costs and anticipated investments, Acculogic is expected to be approximately $0.02 accretive to diluted earnings per share.
Founded in 1992, Acculogic designs and manufactures a broad range of systems and instruments for testing electronic devices, circuit boards and systems used to validate designs, ensure the integrity of prototypes, improve production processes and yields, and deliver defect-free final products. Its test products include the Flying Scorpion, the world’s first patented double sided Flying Probe with 3-D joy-stick-like probe motion and 22 interchangeable probe modules, an extensive line of in-circuit test systems, a suite of boundary scan test and programming tools, and application specific functional test systems.