Halma has agreed to buy Pyxis, a US maker of water quality monitoring technology, in a deal worth up to $200m.
The life-saving technology group said it would pay an initial $170m (£126m) in cash for the Texas-based business, with a further $30m payable depending on its performance over the two years to March 2029. The deal is funded from existing facilities on a cash- and debt-free basis.
Halma has an acquisition-focused growth strategy that saw revenues rise to above £2.5bn in its last financial year.
Founded in 2013 and based near Houston, Pyxis makes sensors and systems that let customers measure and control water quality in real time across industrial, municipal and environmental applications, helping them improve efficiency, cut waste and meet tightening environmental rules. It is forecast to generate revenue of about $39m in the year to March 2027.
Marc Ronchetti, Group Chief Executive of Halma, said: “Pyxis is a high-quality business with a strong track record of growth and a clear focus on innovation. Its technologies address critical challenges in water quality monitoring with solutions that are highly valued by its customers. Pyxis’ capabilities are complementary to several of our existing companies. We are pleased to welcome Pyxis to Halma and support its continued growth as part of the Group.”
Pyxis will operate as a standalone business within Halma’s Environmental & Analysis division, retaining its current management team.