Endless exits Excelsyn for £12m
YORKSHIRE private equity and turnaround investor Endless has sold its stake in specialist chemical development and manufacturing services provider Excelsyn for £12m.
Excelsyn, which had revenues of £9.6m in 2009, has been acquired by American company Albany Molecular Research, a leading provider of scientific services, products and technologies focused on improving the quality of life.
Endless invested in Excelsyn, based in Holywell, North Wales, in 2007 alongside NorthStar and has helped develop the company into a market leader supplying the pharmaceutical industry in Europe.
Excelsyn has 60 employees and its Welsh site includes laboratories and manufacturing capabilities.
Excelsyn chief executive, Ian Shott, said: “Endless and NorthStar showed outstanding initiative in backing Excelsyn in 2007 when others would not, and their courage and foresight have been well rewarded.”
Aidan Robson, of Leeds-based Endless, who led both the original investment and the exit, said: “This represents another successful turnaround with good returns for Endless.
“We invested in Excelsyn when the business was facing considerable challenges and had lost investor support. Three years on and following significant work and commitment from both Endless and management, Excelsyn is now a market leader in providing chemical development and manufacturing solutions to the pharmaceutical industry.
“The management team, led by Ian Shott, David Rowles and Paul Ryan, has delivered outstanding and consistent performance in fiercely competitive markets and the link-up with AMRI will provide even greater opportunities for the company going forward.”
Endless, NorthStar and Excelsyn’s management were advised by Ben Butler at law firm Dickinson Dees in Newcastle.
AMRI was advised by John Gallon at DLA Piper in Leeds.
AMRI’s chairman and chief executive, Thomas D’Ambra, said: “The acquisition of Excelsyn further builds out AMRI’s global continuum spanning the US, Asia and Europe, and is a significant milestone in its strategy to continue to expand our services platform and global footprint.
“AMRI remains committed to generating significant value from this segment of our business. We believe this acquisition will increase our ability to penetrate a market space relatively untapped to date, including customers in large pharma based in Europe.”
