Princeton Security Technologies, Inc. [PSGY], a small firm specializing in the development and manufacture of radiation and X-ray detection products, said this week that it has agreed to be acquired by Thermo Fisher Scientific [TMO] for $13 million in cash.
Princeton’s key product is a handheld radioisotope identifier that it sells to various government agencies and other commercial and international customers for homeland security and environmental monitoring purposes. The New Jersey-based firm also develops and makes high-purity germanium detectors, networked area monitors, spectroscopy software and various X-ray detection products.
Princeton had $4.5 million in sales in 2011 and $1.5 million in the first quarter of 2012.
Thermo Fisher previously licensed handheld radiological isotope identification technology under the identiFINDER brand from FLIR Corp. [FLIR], although that arrangement has been discontinued.
“The combination of Thermo Fisher’s global reach and leadership in radiation measurement and monitoring with Princeton’s innovative detector technology represents a coupling of complementary strengths that will benefit our customers and employees,” Juhani Taskinen, president and CEO of Princeton, said in a statement.
The purchase price, which is 89 cents per share of Princeton’s stock, represents a 78 percent premium to the company’s closing stock price on June 12. Princeton said that the investment bank CoView Capital rendered a fairness opinion on the deal.
The transaction is expected to close in July.