Halma buys underground drilling kit firm Brownline for EU150 million
Halma PLC on Tuesday said it has bought Brownline BV, which provides advanced gyroscopic locating systems that are used by contractors in trenchless underground drilling, for €150 million.
The Amersham, England-based safety equipment company said Meerkerk, Netherlands-based Brownline produces systems used by horizontal directional drilling contractors in the energy, water and fibre connectivity markets.
Halma said the deal is on a cash and debt-free basis, and will be funded from its existing facilities.
Browline’s revenue for the twelve months to the end of March was €37 million. The company will be led by its current management team, as a standalone company within Halma’s Environmental & Analysis sector.
Browline’s sales are primarily to North America, continental Europe and the UK, Halma noted.
‘Brownline’s technology is a game-changer for safely installing underground infrastructure. Its ability to deliver pinpoint accuracy without surface disruption is increasingly vital as cities continue to expand and electrification accelerates,’ said Halma Chief Executive Marc Ronchetti.
‘Brownline is a strong strategic fit with Halma’s purpose, supporting the global energy transition. We’re proud to welcome the company to Halma and look forward to supporting its continued growth and success.’
Shares in Halma were up 0.5% at 3,276.00 pence in London on Tuesday morning.
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