Concept Life Sciences makes fifth swoop
PRIVATE equity-based scientific laboratory and consultancy group Concept Life Sciences has made a fresh acquisition.
Created in July 2014 by the Manchester office of Equistone Partners Europe with the simultaneous acquisition of three established businesses, Trafford Park-based CLS acquired a fourth business in August when it bought Scottish firm CXR Biosciences.
It’s latest bolt-on deal is a little closer to home, and is Yorkshire pharmaceutical testing business Agenda1 Analytical Services.
Agenda1, based in the Listerhills Science Park, Bradford, was launched in 2006 by Dr Simon Bristow and Ian Siragher. It employs 30 people and is a specialist contract analytical company, delivering support services to pharmaceutical, healthcare and medical device companies.
It will continue to be led by its founders and executive team comprising Dr Caroline German (site operations director) and Dr Eleanor Hurst (head of chromatography).
Before this deal Concept Life Science had more than 600 staff in 11 locations. It comprises Peakdale Molecular, Resource & Environmental Consultants, Scientific Analysis Laboratories and most recently CXR Biosciences.
Michael Fort, Concept Life Sciences’ executive chairman, added: “Organic growth is vital to ensure our business is built on a solid base which supports complementary, well-integrated services.
“We are committed to growing the business in this way and our growth figures fully support this. However, in order to build on this success we continue to look for acquisition targets that will expand our operational capabilities and better address our clients’ needs. These acquisitions will enable us to stay fresh in terms of our approach and thinking, as well as allowing us to truly differentiate ourselves in the markets in which we operate.”
Andi Tomkinson, investment director at Equistone and a non-executive director at Concept Life Sciences, added: “Agenda1 has an excellent business model, and is led by a highly skilled team with an established reputation in the pharmaceutical and healthcare market. This acquisition allows the company to become part of a much wider group and will help to further expand Concept’s analytical support services.”
Addleshaw Goddard provided legal advice on the deal. Other advisers included PwC (tax structuring), CIL Management Consultants (commercial due diligence) and Deloitte (tax due diligence).
