Judges Scientific is a UK-based holding company that owns a portfolio of niche scientific instrumentation manufacturers. We've followed the business closely for years.

• It is owner operated , ~10% inside ownership
• Over the past 15 years, revenue has compounded at ~20% CAGR, EBIT at ~26% (of which ~9% CAGR was organic), and FCF per share at ~17% CAGR
• The business exhibits several qualities we value: dominant positions in niche markets, low capital requirements, high ROIC, and a disciplined M&A strategy acquiring businesses at ~6x EBIT

Geotek, acquired in May 2022, is the largest acquisition in Judges Scientific’s history. From inception until 2021, Judges had spent ~£60m in cash acquiring companies. The total transaction value to acquire Geotek was £80m excluding excess cash. Judges has spent more on Geotek than all other acquisitions combined. The total multiple paid was ~7x EBIT. 

Geotek is the largest business within Judges and represents over ⅓ of the total group EBIT. In 2022, it contributed £20M in revenue and £11.4M in pro forma EBIT to Judges. In 2023, Geotek's EBIT declined to £10M, 9% below the 2022 earn-out threshold. In 2024, Geotek’s earnings contracted further due to the absence of a coring expedition. Judges’ share price is down more than 25% from its all-time high and trades at ~25x NTM EBITA.