CVC to Acquire Smiths Detection for £2 Billion: High-Multiple Carve-Out Reflects PE Appetite for Mission-Critical Infrastructure Plays

The Transaction: Financial Architecture and Valuation Thesis

The proposed acquisition of Smiths Detection by CVC Capital Partners, announced through the fund’s ninth Europe/Americas private equity vehicle (CVC Capital Partners IX), represents a substantial capital deployment valued at £2.0 billion on an enterprise value basis. This valuation reflects a headline operating profit multiple of 16.3 times the £122 million in operating profit generated by Smiths Detection during the fiscal year ending July 31, 2025, and an EBITDA multiple of 12.5 times the £160 million in headline EBITDA for the same period. These multiples, while elevated relative to historical industrial technology precedents, accurately reflect the market’s premium valuation for mission-critical, recurring-revenue-generating security infrastructure assets that operate under high regulatory barriers to entry and benefit from persistent geopolitical and threat environment tailwinds driving investment in public and private security infrastructure globally.

The financial architecture of the transaction, structured on a debt-free and cash-free basis with customary working capital adjustments subject to a locked-box mechanism, results in net cash proceeds to Smiths Group of approximately £1.85 billion after accounting for transaction expenses and separation costs. This represents substantial value realization for shareholders, particularly when contextualized within the company’s stated capital allocation objectives following its comprehensive strategic review conducted in January 2025. The valuation multiple applied to Smiths Detection’s operating profit—at 16.3 times—compares favorably to relevant publicly available benchmarks for comparable threat detection and security screening companies, reflecting both the superior market position of Smiths Detection within aviation security checkpoint technology (a segment characterized by structural growth, high switching costs, and recurring service revenue) and the quality of management execution under President Jérôme de Chassey, whose tenure has overseen significant margin expansion and international growth acceleration particularly across Asia-Pacific and Middle Eastern markets.

Smiths Detection’s financial performance in fiscal year 2025 demonstrates robust operational execution that justifies the premium valuation multiples employed in the CVC transaction. The business generated total revenue of £963 million, representing strong performance across its core aviation, ports and borders, urban security, and defense verticals. The headline operating profit of £122 million translates to an operating margin of approximately 12.7 percent, which reflects the business’s ability to generate substantial profitability from its installed base of screening systems, service contracts, and aftermarket revenue streams. The £160 million in headline EBITDA further demonstrates the cash-generative characteristics of the platform, with the business historically achieving strong operating cash conversion rates that provide CVC with confidence in the platform’s ability to service debt and generate cash returns throughout the investment period. This financial profile positions Smiths Detection favorably within CVC’s investment thesis, particularly as the fund seeks to identify scaled industrial platforms with defensible market positions, recurring revenue streams, and opportunities for margin expansion through operational excellence and strategic bolt-on acquisitions.

Strategic Rationale: Portfolio Simplification and Shareholder Value Realization

The sale of Smiths Detection to CVC Capital Partners must be understood within the broader context of Smiths Group’s comprehensive strategic review and portfolio rationalization initiative announced in January 2025, a strategic pivot driven by a confluence of factors including persistent trading at a conglomerate discount despite strong underlying operational performance, sustained activist pressure from value-oriented shareholders such as Engine Capital seeking to unlock embedded value, and management conviction regarding the superior standalone prospects of the company’s two core industrial technology franchises: John Crane (mission-critical flow control and mechanical seal technologies serving energy and industrial end markets) and Flex-Tek (engineered flow and thermal solutions for industrial applications).

Smiths Group’s decision to pursue an outright sale of Smiths Detection to CVC rather than proceed with the previously contemplated standalone public demerger reflects a deliberate capital markets judgment by the board of directors, advised by joint financial advisers Goldman Sachs and JPMorgan Cazenove. This judgment pivoted on several key considerations that favored immediate cash realization over the operational and market risks inherent in launching a newly independent pure-play threat detection company into equity markets during a period of macroeconomic uncertainty and volatile valuations for specialized industrial technology companies. First, the board determined that the £2.0 billion enterprise value offered by CVC represented a compelling valuation that fully reflected the long-term growth and margin expansion potential of Smiths Detection and compared favorably to relevant valuation benchmarks. Second, the board assessed that immediate cash realization provided superior optionality to shareholders relative to the uncertain timeline and trading dynamics associated with a demerger, particularly given the company’s pre-existing commitment to returning substantial capital to shareholders through an accelerated £500 million share buyback program (with £398 million completed as of September 10, 2025). Third, the board recognized that the sale structure enabled Smiths Group to maintain its investment-grade credit profile while simultaneously reducing central costs and generating the capital firepower to pursue disciplined organic growth investments and value-accretive bolt-on acquisitions within the streamlined operating company focused on flow management and thermal solutions.

For Smiths Group shareholders, the transaction delivers tangible value realization within a clear capital allocation framework that prioritizes enhanced returns and simplification of the corporate structure. The net proceeds of £1.85 billion from the Smiths Detection sale, combined with the £1.3 billion enterprise value transaction announced in October 2025 for the sale of Smiths Interconnect to Molex Electronic Technologies Holdings (a Koch Industries company), generate approximately £3.3 billion in combined disposal proceeds. These proceeds, consistent with management guidance, will be allocated between substantial capital returns to shareholders, investment in organic growth initiatives within the continuing businesses, and the pursuit of strategic acquisitions that enhance the capabilities and market positions of John Crane and Flex-Tek within attractive energy, industrial, and construction end markets underpinned by structural megatrends in global decarbonization, process efficiency, and infrastructure modernization. This strategic capital allocation framework, articulated by Chief Executive Officer Roland Carter in conjunction with the company’s updated medium-term financial targets announced in March 2025, targets organic revenue growth of 5 to 7 percent through-cycle within the continuing Smiths, headline operating profit margins of 21 to 23 percent, and return on capital employed exceeding 20 percent—a financial profile substantially superior to the historical consolidated Smiths Group profile and reflective of the significantly higher-quality revenue streams and operational leverage characteristic of the continuing industrial technology franchises.

The Acquirer’s Strategic Thesis: CVC’s Rationale for Mission-Critical Infrastructure Exposure

CVC Capital Partners’ acquisition of Smiths Detection represents a strategic deployment of Fund IX capital consistent with the firm’s long-established investment strategy of identifying scaled, operationally robust platforms within industrial technology, business services, and infrastructure domains where CVC’s extensive operational expertise can drive sustainable value creation through margin expansion, digital transformation, strategic M&A, and geographic and end-market expansion. CVC Fund IX, which achieved a final close at €26.8 billion (exceeding its €25 billion target)—making it the largest private equity fund ever raised globally at the time of close—has been systematically activated for deployment beginning in May 2024, with the Smiths Detection acquisition representing a flagship deployment that exemplifies CVC’s investment thesis regarding industrial assets with mission-critical characteristics, substantial recurring revenue bases, and limited cyclical sensitivity.

Smiths Detection’s market position as the global leader in aviation security screening—serving 47 of the world’s top 50 airports with both industry-leading hardware platforms and sector-leading digital capabilities including automated detection algorithms—provides CVC with immediate exposure to a market segment characterized by limited competition, high switching costs, and persistent structural tailwinds from the ongoing global airport modernization cycle. The global aviation security market, valued at approximately $25.91 billion in 2024, is projected to expand at a compound annual growth rate of 5.22 to 5.44 percent through 2035, reaching market values exceeding $45 billion by 2035, driven by technological advancements in threat detection capabilities, evolving regulatory standards for checkpoint screening and baggage handling, and the persistent expansion of international travel and cargo volumes. This market fundamentals context provides CVC with confidence in the multi-year revenue growth trajectory for Smiths Detection independent of aggressive operational interventions or transformational business model changes.

Beyond the primary aviation security vertical, Smiths Detection’s diversified exposure across ports and borders screening, urban security applications (including screening systems deployed at government buildings, commercial venues, and public transportation facilities), and specialized defense end markets (particularly chemical and explosives threat detection capabilities) reduces the concentration risk associated with aviation-sector-specific cyclicality and positions the platform for sustainable revenue generation across multiple regulatory jurisdictions and end-customer categories. The business maintains a global footprint with manufacturing facilities established in France, Germany, Malaysia, the United Kingdom, and the United States, combined with sales and service centers in 17 countries, enabling efficient customer support and aftermarket service delivery—a critical revenue component for security screening platforms where recurring maintenance, system upgrades, and compliance-driven modernization drive long-term customer lifetime value and cash flow stability. CVC’s stated investment approach emphasizes the deployment of “continued investment in technology innovation, high-quality engineering and best-in-class aftermarket service,” directly aligned with Smiths Detection’s demonstrated capabilities in these domains, including its sustained commitment to research and development at approximately four percent of revenue—above-market investment intensity reflecting the technology-intensive nature of threat detection and security screening innovation.

Critically, CVC’s acquisition of Smiths Detection represents a platform investment with substantial strategic optionality for add-on acquisitions and geographic expansion within the threat detection and security screening ecosystem. The global threat detection market encompasses numerous specialized players serving adjacent verticals and geographies, including chemical threat identification platforms, radiological detection systems, advanced imaging technologies, and software-driven threat assessment capabilities. CVC’s track record of executing corporate carve-outs and scaling newly independent companies—explicitly referenced in the firm’s announcement regarding Smiths Detection—positions the firm to identify and execute bolt-on acquisitions that extend Smiths Detection’s technological capabilities, geographic footprint, and end-market penetration. Historical precedent within CVC’s portfolio demonstrates this playbook across multiple platform acquisitions where the firm has successfully integrated complementary bolt-on assets, unlocking revenue synergies through cross-selling, operational synergies through the consolidation of back-office functions, and strategic synergies through the acceleration of product development and go-to-market initiatives.

Broader Portfolio Context: Smiths Group’s Strategic Transformation

The sale of Smiths Detection represents the culmination of an extended strategic review process initiated following Smiths Group’s recognition that its diversified conglomerate structure was suppressing valuation multiples relative to both historical consolidated averages and standalone peers within its constituent business segments. This valuation discount—the “conglomerate discount” phenomenon well-documented in academic and practitioner M&A literature—reflected investor concerns regarding corporate overhead costs, sub-optimal capital allocation, potential dissynergies across disparate business verticals, and the perceived lack of strategic focus. These concerns intensified following sustained pressure from Engine Capital, a value-oriented special situations fund that had accumulated a meaningful shareholder position and in January 2025 publicly advocated for management to commit to a strategic alternatives process encompassing potential full-company sales or individual business dispositions.

Smiths Group’s January 2025 strategic announcement established a clear execution pathway focused on the divestiture of Smiths Interconnect (an advanced electronic components and connectivity products business serving aerospace, defense, medical, and semiconductor end markets) and Smiths Detection, with the continuing company organized around two flagship platforms: John Crane, a global leader in mission-critical flow control, mechanical seal technologies, and services addressing energy and large-scale process industries; and Flex-Tek, a high-performance engineered solutions provider specializing in the management of liquids and gases across diversified industrial applications. The strategic logic underlying this portfolio rationalization reflected management conviction that John Crane and Flex-Tek operate within attractive, structurally growing end markets aligned with global megatrends in energy transition, industrial decarbonization, and process efficiency, and that these two platforms would deliver superior financial performance and return profiles when freed from the corporate overhead burden and potential capital allocation inefficiencies inherent in their incorporation within a larger, more diversified conglomerate structure.

Smiths Group’s disclosed pro forma financial profile for the continuing business post-separation substantially supports this strategic logic. The combined John Crane and Flex-Tek operations are projected to generate organic revenue growth of 5 to 7 percent through the cycle—a growth rate materially superior to historical Smiths Group consolidated growth—with headline operating profit margins of 21 to 23 percent, representing a 420 to 580 basis point margin expansion relative to the most recent full-year consolidated Smiths Group operating margins of approximately 17.4 percent. These financial targets reflect both the inherent operational excellence of the two businesses and the anticipated benefits from the Acceleration Plan, an ongoing productivity and capability enhancement initiative targeting £40 to £45 million in annualized cost base benefits by fiscal year 2027, with approximately one-half expected to be realized in fiscal 2026 at a total implementation cost of £60 to £65 million. The Acceleration Plan is explicitly designed to deliver a streamlined corporate cost structure, with central overhead allocated at only 1.5 to 1.7 percent of revenue for the continuing business post-separation, substantially below the current allocation and reflective of the reduced overhead burden inherent in a simpler, more focused operating company.

The financial transformation enabled by the Smiths Detection sale, combined with the parallel Interconnect divestiture, directly supports Smiths Group’s enhanced capital allocation framework emphasizing disciplined shareholder returns concurrent with growth investment. The company has implemented an accelerated £500 million share buyback program (with £398 million completed through September 2025 and the balance expected to conclude by end of calendar year 2025), and management has committed to returning a substantial portion of all disposal proceeds to shareholders in the form of additional special dividends or share repurchases, while maintaining an investment-grade credit profile and dedicating remaining capital to organic growth investments and value-accretive M&A within the continuing businesses. This capital allocation strategy reflects the board’s determination that the continuing Smiths, organized around John Crane and Flex-Tek, generates superior cash returns that justify premium valuations and provide the financial flexibility for both progressive ordinary dividend increases and enhanced total shareholder returns, positioning the stock for material rerating following completion of the portfolio rationalization process.

Smiths Detection Business Profile: Market Leadership and Operational Fundamentals

Smiths Detection, headquartered in the United Kingdom with 3,400 employees globally including over 1,100 field service engineers and more than 500 research and development professionals, operates as a specialized, highly-focused threat detection and security screening technology platform with an unmatched market position in aviation security combined with significant presence in adjacent security and defense verticals. The business’s market leadership in aviation security checkpoint and baggage screening technology reflects decades of engineering innovation, regulatory expertise, and customer relationship management, positioning Smiths Detection as the provider of choice for major international airports transitioning to next-generation screening infrastructure and enhanced passenger throughput capabilities. This market leadership translates into substantial competitive moats including switching costs (customers are highly reluctant to change established security technology vendors due to regulatory compliance requirements and operational disruption), regulatory barriers to entry (competitors face substantial certification and approval processes to qualify as approved screening system suppliers), and technology leadership (Smiths Detection’s research and development investments have consistently delivered next-generation capabilities including advanced imaging technologies, automated threat detection algorithms powered by machine learning, and containerless passenger screening approaches that enhance the passenger experience while maintaining security efficacy).

The aviationary security vertical, representing the largest revenue contributor to Smiths Detection, benefits from multiple secular trends supporting sustained growth and modernization investment. First, global aviation passenger volumes have returned to and exceeded pre-pandemic levels, with projections for continued expansion particularly in emerging markets with rising middle-class populations and expanding air travel demand. Second, international aviation regulators, particularly the U.S. Transportation Security Administration and European Civil Aviation Conference, have issued increasingly stringent security standards including requirements for advanced checkpoint screening technology, hold baggage screening capabilities, and air cargo inspection systems, effectively mandating the replacement of aging technology platforms and the upgrade of screening facilities at major airports worldwide. Third, the post-pandemic period has witnessed an accelerated modernization cycle at major hub airports globally, with airport operators investing in next-generation checkpoint configurations (including containerless screening lanes that enable passengers to leave electronics and liquids in bags, dramatically reducing passenger dwell times and enhancing the security screening experience). These factors create sustained demand for Smiths Detection’s screening systems, services, and technology upgrades across the multi-thousand airport locations globally.

Smiths Detection’s operational excellence is further exemplified by recent contract wins and deployment achievements that underscore the business’s continuing market traction and competitive positioning. Recent project awards including checkpoint modernization engagements at Malta International Airport (completed January 2025, featuring deployment of HI-SCAN 6040 CTiX Model-S scanners with containerless screening capabilities), Dubai International Airport checkpoint screening technology contracts, and security screening technology selection at International Airport Heraklion Crete demonstrate the business’s ability to win competitive procurement processes and execute complex airport security infrastructure upgrades. These deployments showcase Smiths Detection’s advanced product portfolio, including groundbreaking X-ray Diffraction technology representing years of research and development investment, combined with comprehensive aftermarket service capabilities and digital solutions including remote screening centers and artificial intelligence-powered threat detection algorithms, positioning the platform for sustained competitive advantage within an increasingly technology-intensive security screening market.

Transaction Execution: Timeline, Regulatory Pathways, and Closing Conditions

The proposed transaction between CVC Capital Partners and Smiths Group regarding the acquisition of Smiths Detection is structured to achieve completion in the second half of calendar year 2026, subject to satisfaction of customary closing conditions including regulatory approvals and completion of information and consultation processes with the works council of Smiths Detection France SAS (mandated under French employment law). This extended timeline reflects the operational complexity inherent in any corporate carve-out transaction involving the separation of a substantial, globally-dispersed operating business from a larger corporate parent, combined with the regulatory approval requirements applicable to a mission-critical national security infrastructure company with operations in multiple jurisdictions and government relationships.

The transaction structure incorporates customary provisions addressing the separation of Smiths Detection’s operations from the continuing Smiths Group entities, including the negotiation and documentation of transition service agreements (TSAs) through which the continuing Smiths will provide services including information technology infrastructure, human resources, finance and accounting services, and other shared functions during a defined wind-down period enabling Smiths Detection to build standalone capabilities. The scope, duration, service levels, and costs associated with these TSAs represent a critical component of the transaction value since they directly impact the standalone operating cost structure of Smiths Detection during the transition period and the cost of independently establishing various corporate functions. The separation planning, governed by established separation management office protocols and supported by experienced advisors including legal counsel Latham & Watkins (for CVC) and Freshfields LLP (for Smiths), encompasses detailed work streams addressing operational disentanglement, systems separation, data center and IT infrastructure migration, employment transition protocols, and financial systems separation.

Regulatory approval pathways for the transaction include customary clearance processes under the UK Financial Conduct Authority’s Listing Rules (the transaction qualifies as a “significant transaction” requiring formal disclosure and shareholder approval protocols). Additionally, as a transaction involving the acquisition of a mission-critical national security infrastructure company by an international private equity firm, the transaction likely triggers review under various national security and foreign investment regulatory regimes applicable within jurisdictions where Smiths Detection operates or maintains sensitive government relationships. These regulatory dimensions are particularly relevant given Smiths Detection’s substantial business relationships with aviation authorities, defense departments, and other national security agencies across multiple jurisdictions. CVC’s regulatory and legal advisors, including Latham & Watkins, will navigate these approval processes, leveraging the firm’s extensive experience with regulatory submissions and approvals relating to acquisition of sensitive infrastructure assets.

Financial Services and Advisory Team: Executing Complex Corporate Transactions

The transaction structure and execution reflect engagement of leading financial and legal advisors with demonstrated expertise in complex corporate carve-out transactions and industrial technology M&A. For CVC Capital Partners, Barclays Bank PLC acted as financial adviser providing valuation support, fairness opinions, and strategic advice regarding the negotiation of transaction terms, while Latham & Watkins (London) served as legal counsel managing all aspects of transaction documentation, regulatory compliance, and corporate law matters. For Smiths Group, Goldman Sachs International and JPMorgan Securities (which conducts its investment banking business as JPMorgan Cazenove) acted as joint financial advisers, providing strategic counsel regarding the strategic alternatives available to the company and negotiation support in achieving optimal transaction terms. Freshfields LLP acted as primary legal counsel to Smiths, managing transaction documentation, disclosure obligations, and regulatory compliance matters.

The engagement of marquee financial and legal advisers reflects the transaction’s significance within the capital markets and the complexity inherent in executing a separation of a global, multibillion-pound operating business from a larger corporate parent. These advisers bring specialized expertise in corporate carve-out transactions, including detailed knowledge of operational separation requirements, financial reporting implications (including the preparation of carve-out financials and pro forma financial information required for due diligence and regulatory disclosure), tax planning to minimize transaction costs and structure the separation efficiently, and negotiation protocols for transaction terms, representations, warranties, and indemnification provisions that fairly allocate risks between buyer and seller.

Market Dynamics: Aviation Securit

Sources

 

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