Judges Scientific

Judges Scientific operates as a permanent capital vehicle listed on the London Stock Exchange's AIM market, meaning it has no defined fund life and no obligation to sell portfolio companies on a fixed schedule. It acquires niche scientific instrument manufacturers with the explicit intention of holding them indefinitely, allowing subsidiary management teams to retain operational control and brand identity. This model functions more like a long-term industrial holding company than a traditional private equity fund.

David Cicurel, the founder and CEO, leads acquisition strategy and has done so since the firm's founding in 2002. He is supported by Group Finance Director Brad Ormsby and the firm's board of directors, which oversees transactions that often involve purchasing 100% of a target company. Due diligence and integration oversight are handled centrally from London, while target identification often comes through proprietary networks and direct outreach to founders of scientific instrument businesses.

Judges Scientific exclusively pursues direct acquisitions of whole companies, purchasing 100% equity stakes in niche scientific instrument and precision engineering firms. It does not make fund commitments, minority investments, or venture-stage bets. Its balance sheet, supplemented by bank debt, funds each transaction directly.

The firm targets mature, profitable, cash-generative businesses producing specialist scientific instruments, sensors, and testing equipment. Typical targets are founder-owned or family-owned enterprises with established market positions, often seeking a succession solution. Judges Scientific avoids startups and pre-revenue technology companies, focusing instead on proven industrial technologies with recurring revenue streams from global customer bases.

The firm owns over 20 distinct operating subsidiaries, each maintaining its own legal entity, management team, and operational independence. The central London office provides strategic oversight, financial reporting discipline, and acquisition support, but does not integrate subsidiaries into a single operational unit. This federated structure preserves the entrepreneurial culture of each acquired company while allowing the group to access public market capital for further acquisitions.