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(Sharecast News) - Amcomri Group announced the completed acquisition of Randor Technologies, trading as Electronix Services, on Friday, marking its first deal in Ireland and further strengthening its embedded engineering division.
The AIM-traded firm said Electronix, based in Ireland, specialises in industrial electronic repair and reverse engineering of high-value, operationally critical systems.
It said it serves a range of sectors including rail, pharmaceuticals, medical devices, computing and power electronics.
The company would now operate alongside Amcomri's existing businesses TP Matrix and Etrac, which serve similar markets in the UK.
Amcomri said the transaction comprised an upfront cash payment of 2m, funded from its existing resources, with a deferred earn-out of up to 1.5m tied to performance, mirroring the group's previous acquisition structures.
Electronix posted a normalised profit before tax of 0.73m for the year ended 28 February, with Amcomri saying the firm had a track record of generating strong financial results and repeat business.
Its technical expertise in modernising and extending the life of obsolete units was expected to unlock synergies across Amcomri's portfolio and support expansion into new industrial and geographic markets.
"We are very pleased to confirm our first acquisition in Ireland and our second acquisition this year since our admission to AIM in December 2024," said Mark O'Neill, investment director at Amcomri.
"The acquisition of Electronix not only strengthens our ambitious organic and acquisitive growth strategy, but also marks Amcomri's first acquisition outside of the UK, as we continue to roll out our proven 'buy, improve, build' model."
Maurice Regan, who co-founded Electronix with Rena Regan, would remain with the company as general manager following the retirement-driven sale.
At 1105 BST, shares in Amcomri Group were down 1.73% at 131.68p.
Reporting by Josh White for Sharecast.com.