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”.