Trajan really on the acquisition spree recently. Catch is a placement was done at $2 and Trajan is also doing a SPP at $2 for existing shareholders. This is one I've been following as it is similar to ALS but yet to pull the trigger. Think I will wait on this one as well...

Details below:

Trajan to acquire leading chromatography consumables and tools business building critical mass in the gas chromatography portfolio

Highlights

• Trajan to acquire Chromatography Research Supplies, Inc. (CRS), a leading global manufacturer of high-quality analytical consumables

• Provides Trajan with enhanced and extended production capabilities to service its growing gas chromatography business. Strengthens Trajan’s product portfolio particularly in the critical area of the gas chromatography inlet and sample introduction

• Expands global infrastructure footprint with the acquisition of manufacturing real estate assets in the US

• Follows three successful acquisitions and one strategic investment since listing on the ASX in June 2021

• Acquisition delivers FY22 forecast revenues of US$14.1 million (A$20.1 million1) and EBITDA of US$4.2 million (A$6.0 million1)2, and estimated annual synergies of ~A$1.3 million

• Acquisition price of US$43.3 million (A$61.9 million1) implies ~9.5x FY22F EBITDA (pre synergies)3

• Expected to deliver FY23F earnings per share accretion of >31%1,4,5,6 (excluding the impact of synergies) or >42% (including 100% of the pro forma impact of identified corporate savings and product line synergies7)

• Acquisition to be funded via a fully underwritten A$29.7 million institutional placement (Placement) A$20.0 million in acquisition debt financing through a facility with HSBC and $13.4 million from existing cash

Just stumbled across Trajan this morning catching up on some reading. Not held, now a bit interested. Had a look here to triangulate and only saw Noddy74's great stale straw so thought I would drop in a quick update. February first half results are here --> https://trajan-assets.s3.ap-southeast-2.amazonaws.com/1_H_FY_22_Financial_Results_Investor_Presentation_aeae742717.pdf

Key highlights

• Significant revenue growth (+/- 20% pcp) to $43.7M
• Some cost control to GP Margin of 40%
• Normalised EBITDA $4.8M
• Organic growth low double digits; average revenue growth in top 10 customers 18%
• $33M cash at bank

Full year Forecast

• Revenue of between $104 and $110M
• Normalised EBITDA $12.5 to $13.5M

Very acquisitive at the end of last calendar year buying 4 firms and it looks like that those have been well executed and have strengthened the right capabilities.

About Trajan

We’re an Australian headquartered, global developer and manufacturer of analytical and life sciences products and devices, founded to have a positive impact on human well-being. We do this through consumable products, devices and solutions that are used in the analysis of biological, food, water, and other environmental samples. Through our portfolio and technology pipeline we’re supporting the move towards decentralised, personalised data-based healthcare.

Two Divisions

Analytical Products Trajan’s analytical products and components are sold to a broad range of participants in the analytical science industry, including large OEMs, pharmaceutical, food and CRO laboratories and scientific distribution companies.

Life Sciences Solutions Trajan's life sciences solutions focus on areas directly related to human health. We enhance and optimise workflows with a variety of automated preparative or sample collection systems ready to integrate into laboratories, or generate custom solutions for life science research and development.

SP has been bullish the last couple of months, up 22% since early March. I wish I had been catching up on my reading back then! Small numbers of buyers/sellers. High ownership from founder.

I'll be doing a bit more digging, possible that there's something here but is trading on a high multiple of earnings as @Noddy74 pointed out.