Trajan to acquire leading chromatography consumables and tools business building critical mass in the gas chromatography portfolio – QNT Press Release


  • Trajan to acquire Chromatography Research Supplies, Inc. (CRS), a leading global manufacturer of high-quality analytical consumables
  • Provides Trajan with enhanced and extended production capabilities to service its growing gas chromatography business. Strengthens Trajan’s product portfolio particularly in the critical area of ​​the gas chromatography inlet and sample introduction
  • Expands global infrastructure footprint with the acquisition of manufacturing real estate assets in the US
  • Follows three successful acquisitions and one strategic investment since listing on the ASX in June 2021
  • Acquisition delivers FY22 forecast revenues of US$14.1 million (A$20.1 million[1]) and EBITDA of US$4.2 million (A$6.0 million[1])[2]and estimated annual synergies of ~A$1.3 million[7]
  • Acquisition price of US$43.3 million (A$61.9 million[1]) implies ~9.5x FY22F EBITDA (pre synergies)[3]
  • Expected to deliver FY23F earnings per share accretion of >31%[1],[4],[5],[6] (excluding the impact of synergies) or >42% (including 100% of the pro forma impact of identified corporate savings and product line synergies[7])
  • Acquisition to be funded via a fully underwritten A$29.7 million institutional placement (Placement), A$20.0 million in acquisition debt financing through a facility with HSBC and $13.4 million from existing cash
  • Investor webinar to be held at 10:30am (AEST) Friday 17th June 2022. Register via this link.

MELBOURNE, Australia, June 19, 2022 /PRNewswire/ — Global analytical science and device company Trajan Group Holdings Limited (ASX: TRJ) (Trajan or the Company) has today announced the signing of a binding share purchase agreement and a real estate purchase agreement to acquire 100% of Chromatography Research Supplies, Inc. (CRS), a leading global manufacturer of high-quality analytical consumables based in Kentucky, USA.

Having operated for over 25 years, CRS is a leading manufacturer of electronic and manual crimping tools, gas filters, ferrules, and injection port septa. Its products are used in analytical laboratories and various other industries worldwide and are known for their quality, ease of use and high levels of support.

The acquisition is highly complementary to Trajan’s existing product portfolio in the analytical workflow and consolidates Trajan’s current market leading position in gas chromatography sample introduction, supporting the quality of flow path connection and sealing functions with two leading product lines – septa and ferrules. CRS has been a long-term supplier of consumables to Trajan since Trajan’s acquisition of SGE Analytical in 2013.

In addition, the acquisition extends Trajan’s portfolio via CRS’ other product lines. Such product lines include tools that relate to sealing sample vials which are highly complementary to the Trajan Soltec business acquired in late 2018, and coating technologies that align strongly with Trajan’s automation businesses Axel Semrau and LEAP Pal Parts which were both acquired in late 2021.

CRS has a track record of strong financial performance, with accelerated growth expected in FY22F, adding FY22 forecasted revenue of US$14.1 million (A$20.1 million[8]) and forecast EBITDA of US$4.2 million (A$6.0 million[8])[9]. The acquisition price of US$43.3 million (A$61.9 million[8]) implies a ~9.5x EV/FY22F EBITDA[10] on a pre synergies basis.

Trajan has identified significant revenue and cost synergies as well…

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