MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems and position sensors, today announced that it has acquired Instrument and Calibration Sweden AB (ICS), a supplier of testing equipment and calibration services located in Sweden. MTS purchased ICS for approximately $0.7 million, representing an EBITDA multiple of 6-7x. The acquisition closed on June 29, 2015. ICS' revenue is expected to be between $1 and $2 million over the next twelve months.
"We are excited about the addition of ICS to the company," commented Dr. Bill Bachrach, Senior Vice President and General Manager of MTS Test. "ICS' strength in calibration and testing equipment, as well as their strong customer base are highly complementary to MTS' business. The acquisition will provide growth for our services business by adding capacity to our services team and expanding our accredited calibration services offering. In addition, their equipment sales will provide another channel for our materials test systems."
