Equistone’s Concept bolts-on CXR

The deal marks Concept's fourth acquisition since it was formed last year following investment from Equistone. The company was created through a hat trick of acquisitions including Peakdale Molecular, Resource & Environment Consultants and Scientific Analysis Laboratories.

Following the deal, CXR will continue to operate under its own name, forming the discovery and pre-clinical arm of the wider Concept group.

The transaction was financed through a combination of cash on the comapny's balance sheet and further investment from Equistone. 

Company
Dundee-based CXR focuses on investigative toxicology. It supports life sciences companies in resolving issues around the safety of compounds, as well as with the selection of drugs and chemicals.

CXR was established in 2001 as a spinout from Dundee University. The company serves clients in the pharmaceutical, agrochemical, biotech, consumer, industrial chemical and fine chemical companies. Clients include BASF, Bayer, Dow Agrochemical, ExxonMobil, AstraZeneca, Pfizer, Roche, Procter & Gamble, Cancer Research Technology and 3M.

The company employs 35 people, all of whom will join the newly enlarged group.

People
Paul Smith is CEO of CXR and will continue to head up the business following the transaction. Andi Tomkinson is an investment director at Equistone and non-executive director at Concept. Michael Fort is the executive chairperson of Concept.

Advisers
Equity – Deloitte, Richard Bell, Paul Maddison, David O'Leary, Avril Edney (Financial due diligence); Addleshaw Goddard, Paul Medlicott, Jamie Partridge, Helena Drury (Legal); PwC, Nick Hatton, Stephen Woodhouse (Tax).

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