Private equity-backed risk management firm snaps up asbestos testing company

Testing, inspection and certification firm Lucion Services, which has an office in Lutterworth, has acquired Askams Compliance Services, a provider of asbestos management, surveying, and testing.

Lucion is a multidisciplinary risk management group focused on hazardous materials, with a presence in the compliance market.

The firm is headquartered in Gateshead, but has a substantial presence in Lutterworth.

The deal – funded by Palatine Private Equity, together with a debt funding package provided by HSBC – provides an exit for the founder shareholders, including founder Stewart McNicholl, who will leave his role as managing director after 12 years.

The acquisition of Askams marks the first following Lucion’s investment by Palatine in May 2019. The addition of Askams – complete with six offices across the country and 69 asbestos specialists – will allow Lucion to provide clients with quicker access to asbestos services, while also introducing new specialisms through the Askams Nuclear Active lab in Warrington.

Jamie McGivern, chief financial officer at Lucion, said: “Our new relationship with Askams highlights the highly ambitious attitude which runs throughout the firm, in line with our strategy of combining organic and acquisitive growth.

“With the Askams team coming on board, we will be able to offer our clients the same incredible services that they’ve become accustomed to at an even quicker rate. The new offices also allow us to reduce travelling time when reaching certain clients, which will also positively impact our environmental targets.

“With the financial backing of Palatine, we are delighted to be able to execute the Askams deal, and I am looking forward to continuing growing the business with the help of the team.”

James Winterbottom, investment director at Palatine, said: “The speed at which this deal was completed demonstrates the confidence Palatine and the Lucion team have behind our buy and build strategy. The company has shown its ambition to grow rapidly, and we are more than happy to provide support and funding to enable this expansion.

“The addition of Askams will consolidate Lucion’s role as market leader whilst widening its range of services, and we look forward to supporting more acquisitions as it looks to strengthen its position in the market further.”