Inrad Optics and PLX are now a part of Luxium Solutions
Provider of single crystal scintillation materials for radiation detection applications acquires US optics companies.
Headquartered in Hiram, Ohio, Luxium creates crystal scintillation materials as well as sapphire and garnet substrates for photonics and power electronics. Formerly known as Saint-Gobain Crystals, it is an affiliate of private equity firms SK Capital Partners and Edgewater Capital Partners. It has now acquired PLX Inc and PLX UK Ltd from an investor group led by Tinicum, and has also agreed to acquire Inrad Optics Inc in an all-cash transaction that values Inrad at approximately 19 million US dollars, including assumed debt.
Under the terms of the definitive merger agreement, Luxium has agreed to acquire all issued and outstanding shares of Inrad Optics common stock, including common stock underlying its $2.5M convertible notes and in-the-money stock options, for $1.10 per share in cash.
Following the closing of the transaction, the ultra-high precision optical components company expects to benefit from the significant resources, operational expertise and capacity for investment provided by Luxium, SK Capital and Edgewater.
“SK Capital and Edgewater have a demonstrated record of success building businesses and a desire to support Inrad Optics in advancing our long-term strategic objectives as part of a stronger combined organization with Luxium. As a part of a private company, we will have enhanced flexibility and additional financial resources to build on Inrad Optics’ strong foundation, further scale operations, and capture significant opportunities in rapidly growing markets,” said Amy Eskilson, chief executive officer of Inrad Optics.
The transaction is expected to close mid-2024, subject to customary closing conditions, including approval by Inrad Optics stockholders.
The addition of PLX broadens Luxium’s offering of detection-enabling technologies by enhancing its suite of photonics assembly solutions which are complemented with high-end optical engineering and design services. PLX’s solutions are deployed in a range of harsh environments and high-end applications where structural integrity and accuracy over time are critical, such as military fire control systems, bore sighting, beam alignment and delivery systems, laser tracking, environmental monitoring, metrology, and satellite ranging. PLX’s proprietary and patented monolithic optical structure technology (MOST) integrates complex optical elements into compact monolithic structures, achieving exceptional accuracy and stability under severe environmental conditions.
“We believe Luxium is the right partner for PLX in its next phase of growth. Luxium and PLX share a strong alignment in their go-to-market strategies emphasizing collaboration with customers to develop customized solutions,” said Itai Vishnia, CEO of PLX, who will continue to lead the PLX group within the Luxium portfolio.
