お知らせ • Jul 02
CVC Capital Partners Fund IX managed by CVC Capital Partners plc (ENXTAM:CVC) completed the acquisition of Smiths Detection Group Ltd. from Smiths Group plc (LSE:SMIN).
CVC Capital Partners Fund IX managed by CVC Capital Partners plc (ENXTAM:CVC) entered into an agreement to acquire Smiths Detection Group Ltd. from Smiths Group plc (LSE:SMIN) for an enterprise value of £2 billion on December 3, 2025. The purchase price is subject to customary adjustments and is is stated on a debt free and cash free basis.
In the financial year ended 31 July 2025, Smiths Detection generated revenue of £963 million, headline EBITDA of £160 million, headline operating profit of £96 million, net income of £48 million, had total assets of £1,650 million and net assets of £1,088 million.
The transaction is subject to customary regulatory approvals and completion of information and consultation processes with the works council of Smiths Detection France SAS and it is expected to close in the second half of 2026. It is intended that a large portion of the net cash proceeds from the proposed transaction will be returned to shareholders and that any remaining net cash proceeds will be used to invest in organic and inorganic growth for the streamlined Smiths. It has engaged with the trustees of the Smiths Industries Pension Scheme and the TI Group Pension Scheme to discuss the use of net cash proceeds of the strategic transactions and it does not currently anticipate any requirement to allocate any net cash proceeds of sale to either the Smiths Industries Pension Scheme or the TI Group Pension Scheme. On February 25, 2026, the transaction has been approved by the Egyptian Competition Authority.
Barclays Bank PLC acted as financial advisor and Kem Ihenacho, Doug Abernethy, Charles Armstrong, Christian McDermott, Sarah Gadd, Shaun Thompson, Helen Lethaby, James Leslie, Clare Nida, Stephanie Adams and Quentin Gwyer of Latham & Watkins (London) LLP, Jana Dammann of Latham & Watkins LLP and Paul Rosen, Damara Chambers and Ruchi Gill of Latham & Watkins LLP acted as legal advisor to CVC. Piers Prichard Jones, Stephen Hewes and Jenny Leahy of Freshfields LLP acted as legal advisor and Mark Sorrell, Charlie Lytle, Nick Harper and Harry Webster of Goldman Sachs International and Richard Perelman, Alex Bruce, Charles Oakes and Mayank Chaturvedi of J.P. Morgan Securities plc acted as financial advisors to Smiths. Fergus Gallagher and Andrew Stones of Squire Patton Boggs (UK) LLP and Karen Harbaugh and George Grammas of Squire Patton Boggs (US) LLP of acted as legal advisor to Smiths Group plc. Darren Hanwell, Alex Charles, and John Kicken of A&O Shearman acted as legal advisors to the lenders.
CVC Capital Partners Fund IX managed by CVC Capital Partners plc (ENXTAM:CVC) completed the acquisition of Smiths Detection Group Ltd. from Smiths Group plc (LSE:SMIN) on June 30, 2026. The transaction was completed at an enterprise value of £2 billion representing 16.3x headline operating profit of £122 million and 12.5x headline EBITDA of £160 million. This delivers immediate net cash proceeds to Smiths of more than £1.9 billion, ahead of previous guidance of £1.85 billion. Following the completion of the sale of Smiths Detection, the Board has agreed to disband the Separation Oversight Committee, as its remit is now complete. The Board has also approved establishing a Chairman's Committee with immediate effect, to act on behalf of the Board on delegated matters between scheduled Board meetings. Its members are Steve Williams, Dame Ann Dowling, Alister Cowan and Richard Howes.