Source Bioscience to be sold in £63m deal

Source Bioscience, the Nottingham-based laboratory services provider, is to be sold in a deal worth £63m.

The company will be bought by Sherwood Holdings, which was recently established by Continental Investment Partners and Harwood Capital.

Laurie Turnbull, non-executive chairman of Source BioScience, said: “With the support of all of its shareholders, employees and customers, Source BioScience has gone from strength to strength over the last ten years.

“The Board recommends this offer and, if shareholders approve the Scheme, will look forward with confidence to the company’s ownership by Sherwood and the opportunities that will present for everyone involved with the company.”

Marco Fumagalli and Christopher Mills, Directors of Sherwood, said: “We are delighted to be announcing this recommended cash offer for Source BioScience, a leading laboratory services and products company.

“We believe that Source BioScience is a great company with strong operational management, but that, given its size and operating environment, it would fare better as a private company with a more cost effective corporate structure.

“Our offer provides Source BioScience Shareholders with a significant premium over the value of their shares prior to our approach, as well as affording them the flexibility to retain an interest in the business should they wish to do so.”

Mike Jackson and Tiffany Ager of Browne Jacobson advised Source Bioscience.