Industrial Tech

Bryan, Garnier & Co acts as Sole Financial Advisor to the shareholders of Telops, a world leader in thermal IR & hyperspectral imaging systems, on its sale to Photonis, a global leader of technological solutions for defence and industrial markets, backed by HLD

Telops is a Canadian-based high-tech company founded in 2000 specialized in mid to long wave infrared (M-LWIR) imaging systems, with undisputed leadership in hyperspectral, multispectral and high-speed thermal cameras.

Telops has established itself as the World’s highest performance infrared solutions provider for the detection and quantification of substances for numerous applications across Defense & Security, Mining & Geology, Energy & Environment, Manufacturing and Transport end-markets.

Telops has reached a tipping point in its development with its one-of-a-kind Airborne mini camera for methane leakage detection and quantification, offered as technology-as-a-service to the O&G service inspection companies, finally expanding its client base from early adopters to commercial applications.

By welcoming Telops to Photonis, the merged group will provide unique high-end imaging products to their Business-to-Business customers through mastering of component manufacturing, a large geographical reach and advanced technological capabilities.

The transaction is expected to be finalized in the coming weeks. Terms of the transaction are not being disclosed and are pending customary clearances and approvals.

Bryan, Garnier & Co acted as Sole Financial Advisor to the shareholders of Telops

Bryan, Garnier & Co conducted a tightly managed process with a global reach-out to North American private equity firms and a limited number of well-targeted strategic acquirers through its Indutrial Technology team based both in Europe and in the US.

The process was highly competitive, with several interested parties submitting and revising bids all the way up to the deadline date, resulting in a broad choice of final offers.

Telops will continue its operations as a stand-alone unit while benefitting from the strong complementarities with Photonis, both in terms of products lines, geographies and technological know-how.

Jean Giroux, CEO of Telops stated: “By combining its strengths with the ones of Photonis Group, Telops will benefit from Photonis expertise and international footprint which will allow us to accelerate our growth. We will consolidate our position in European market and keep going to take up new technological challenges.”

This marks another landmark transaction for Bryan, Garnier & Co’s Industrial Technology practice and is a further a demonstration of our expertise in the Industry 4.0 and Deep Tech space, covering sensors, electronics, imaging, robotics and IoT. Other notable industrial technology transactions include the sale of Headwall Photonics (hyperspectral imaging solutions) to Arsenal Capital Partners, the sale of Specim (hyperspectral imaging solutions) to Konika Minolta, Ekoscan Integrity’s €23m fundraising from private equity Abénex (ultrasonic non-destructive testing), the sale of Smart Me Up (embedded computer vision) to Magneti Marelli, €39m of capital raised for Canatu (thin film optical displays), and the €23m private placement for TactoTek (in-mould structural electronics) with 3M, Repsol and other investors.

"By combining our strengths with Photonis Group, Telops will benefit from the Photonis expertise and international footprint which will allow us to accelerate our growth. We are grateful to Bryan Garnier & Co's expertise and guidance throughout the transaction process. Their team's deep knowledge of the industry and strategic approach allowed us to achieve a successful outcome. We highly recommend their services to anyone seeking a trusted financial advisor."

— Jean Giroux, CEO of Telops

Founded in 2000, Telops is a world leader in thermal IR & hyperspectral imaging systems, focusing on middle wavelength (MW) and long wavelength (LW) infrared spectrum ranges.

Telops headquarters are in Québec City with offices in Paris and several locations in the USA along with representatives and distributors in 35 countries.

Through its decades-long experience, the company has acquired a unique expertise and know-how in imaging systems design, bringing the best combination of Spatial x Spectral resolution for applications requiring High Speed and Sensitivity & Accuracy.

With 100 people including 40+ R&D experts, Telops has unmatched R&D and product development capabilities, with a strong track record in developing new products and applications (combustion, remote sensing, NDT, signature, etc.), bringing in the best specific solution for its clients (research centres, national & industrial labs, inspection service companies, etc.).

As the trailblazer in LWIR hyperspectral cameras, Telops has notably developed a breakthrough aerial remote gas monitoring solution to tackle the pressing economical and environmental challenges of methane leaks in O&G industry.

Accompanied by HLD since 2021, Photonis is a high-tech company, with more than 80 years of experience in the innovation, development, manufacture and sale of technologies in the field of photo detection and imaging. Today, it offers its customers detectors and detection solutions: its power tubes, digital cameras, neutron & gamma detectors, scientific detectors and intensifier tubes allow Photonis to respond to complex issues in environments extremely demanding by offering tailor-made solutions to its customers. Thanks to its sustained and permanent investment, Photonis is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 6 sites, in Europe and the USA.