Concept Life Sciences makes fourth acquisition
This marks its fourth acquisition since the company was formed last year following investment from European private equity firm Equistone Partners Europe.
The group acquired Peakdale Molecular, Resource & Environmental Consultants and Scientific Analysis Laboratories in a $100m enterprise value deal in July 2014.
Led by executive chairman Michael Fort and chief executive Alan Morgan, the Concept Life Sciences Group has over 600 staff across 11 locations, with plans for further expansion into complementary service offerings in Europe.
Dundee-based CXR Biosciences is an investigative toxicology business. It provides expertise to international life sciences companies to help them resolve issues relating to the safety of compounds and with the selection of drug and chemical candidates.
The latest accounts available for the company show it made a profit of £1.3m after tax, for the year to the end of February 2014.
The business will retain its name and operate under the Concept Life Sciences Group umbrella. CXR chief executive Paul Smith will continue to head up the business and all 35 staff will be joining the Concept Life Sciences Group.
Andi Tomkinson, investment director at Equistone Partners Europe and non-executive director at Concept Life Sciences, said: “The group’s executive team continue to execute the Concept Life Sciences’ buy and build strategy. CXR complements the existing platform and will enhance the group’s offering in supporting pre-clinical and discovery services. We have identified a number of other complementary acquisitions, both in the UK and Europe, which we hope to execute during the coming months.”
Concept Life Sciences executive chairman Michael Fort said: “Each of the companies we have acquired is a recognised leader in its field with an established client base. We believe these companies will experience growth at an even greater pace and see genuine benefit from being part of Concept Life Sciences. The UK is a leader in life sciences and an excellent base from which to expand an international science group.”
A team at Deloitte, led by Richard Bell and Paul Maddison, provided buy side financial due diligence, while David O’Leary and Avril Edney provided tax due diligence. Paul Medlicott, Jamie Partridge and Helena Drury from Addleshaw Goddard provided legal advice, while Nick Hatton and Stephen Woodhouse of PwC advised on tax structuring.
