Precision Optics acquires Texas firm for $2M
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Precision Optics in Gardner
Gardner optical equipment manufacturer Precision Optics is acquiring Texas-based Ross Optical for up to $2 million.
Ross Optical, similar to Precision Optics, supplies optical equipment to several markets, but specializes in the defense sector.
The purchase price is $1.5 million in cash and up to $500,000 in payments subject to a three-year earnout provision, Precision Optics said in a Monday press release.
The acquisition extends the company’s presence in the U.S. defense sector and gives Precision Optics access to the Roxx Optical customer base.
To help fund the acquisition, Precision Optics completed a $950,000 equity capital raise at a per-share price of $1.25.
At Monday’s open, the company’s stock was trading at $1.20 per share, up 4.53% from Friday’s close, on the OTC Markets Group.
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