Friday, June 5, 2020

Avingtrans continues “buy and build” strategy with £347k deal

Avingtrans PLC, the Sandiacre-based provider of components, systems and services to the energy, medical and traffic management industries, has acquired a majority stake in superconducting magnet and cryogenic systems company Space Cryomagnetics, trading as “Scientific Magnetics”, for £347k.

Abingdon-based Scientific Magnetics has 15 members of staff and was formed in 2000 as a spin-out from Oxford Instruments, before becoming fully independent in 2005. It designs, manufactures, tests and installs superconducting magnet systems for a range of applications, as well as providing consultancy services to blue chip companies such as Siemens and Rolls-Royce.

Avingtrans CEO Steve McQuillan said: “We are delighted to have completed this deal, which will deliver a real step change in our offer to several key markets.

“The acquisition aligns with our ‘buy and build’ strategy, which also saw us purchase the assets of oil & gas manufacturer Whiteley Read in December 2016. We are looking forward to working with the Scientific Magnetics team to deliver on what are genuinely exciting opportunities across a number of key markets”.

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