Nottingham private equity fund exits Agar Scientific
Private equity investor Foresight Group has sold Agar Scientific to Molecular Dimensions, a subsidiary of Calibre Scientific.
Agar is a global leader in the distribution and manufacture of electron microscopy consumables. Foresight’s Nottingham fund invested to support the management team in their buyout from Elektron Technology in 2016.
The undisclosed transaction will generate an “excellent” return to Foresight’s Nottingham-focused fund.
Foresight’s investment supported the management team to develop a suite of own-manufactured, products alongside its distributed range. This materially grew the brand and increased customer loyalty. Agar is now regarded as the world’s leading supplier of equipment and consumables into a market that is growing by 10% per year. Its products are used in industrial and research labs across the globe, in applications from research science to microchip manufacture and forensic investigation.
Chris Wardle, director at Foresight Group, said: “Agar is a leader in the field of electron microscopy and has grown rapidly into a globally recognised brand. Its products are mission-critical to its customers, who require the highest quality products when they are conducting their science.
“It has been a pleasure to work with Darren and the team, who have confidently built and executed the strategy over the last six years. We wish them all the best on the next stage of their journey.”
Darren Likely, managing director at Agar Scientific, added: “On behalf of the Agar Scientific management team and all employees, I would like to thank Foresight for the successful, collaborative, and highly productive partnership over the past six years. The expertise and support provided by Foresight has provided us with the platform for the next phase of our growth.”