Halma has agreed to acquire Dreampath Diagnostics, a Strasbourg-based provider of automated systems for tracking and storing patient tissue samples, in a deal worth up to €275m.
The FTSE 100 life-safety technology group is paying an initial €154m (£132m) in cash, on a cash- and debt-free basis, funded from existing facilities. A further earn-out of up to €121m (£104m) is payable based on Dreampath’s performance over the two years to March 2027 and 2028, split 38%/62%. The business is forecast to generate revenue of €33m in the 12 months to 31 March 2027.
This is the latest acquisition by Halma, which has already announced a string of deals this year as it pursues a strategy of growing through identifying and acquiring SMEs.
“Our growth strategy is to acquire small to medium‑sized companies that are aligned with our purpose, and to grow them over the long-term. Through this growth strategy, we aspire to double our earnings every five years while maintaining high returns,” the Halma website reads.
Dreampath is the latest firm that fits the bill.
The company is the leading provider of automated systems that allow anatomical pathology laboratories to track, store and manage tissue samples throughout the diagnostic process. With international regulations requiring samples to be retained for a minimum of ten years, demand for secure, traceable and scalable storage is well-supported.
By automating largely manual workflows, Dreampath’s technology improves traceability, reduces the risk of misidentification, and boosts efficiency at a mission-critical stage of the patient journey.
The platform combines hardware, software, and a high proportion of recurring-revenue consumables in a closed system. This profile fits neatly with Halma’s preference for niche businesses with durable growth drivers.
The acquisition adds tissue sample traceability, archiving and lifecycle management capabilities to the group’s Healthcare Sector, complementing its existing Healthcare Enablement portfolio.
Dreampath will operate as a standalone company within the sector, led by its current management team.