Phoenix invests in Sygnature Discovery

A spokesperson for Phoenix declined to comment on the value of the transaction, the size of the stake taken or debt associated with the deal. However, the GP typically invests in companies with enterprise values of between £30-150m.

The deal is the fourth investment from Phoenix's 2016 fund, which held a final close on £415m in July this year. It is also the third investment made by the GP in 2017. In January, Phoenix invested in ophthalmic implant business Rayner Surgical Group, alongside management and existing investors, while two months later it invested in logistics management business Global Freight Solutions.

According to a statement, Sygnature will look to expand its range of services under its new ownership structure.

The company this month appointed Bruce Sargent, formerly of Boots, as strategic business development lead to work on its plans for expansion into the North American market. It is also in the process of hiring US-based business developers to support its international growth strategy.

Company
Founded in 2004 as Sygnature Chemical Services, Sygnature is an outsourced biotechnology business. The company's scientists work alongside biotech and pharmaceutical clients' teams in order to accelerate drug discovery projects from target validation through to preclinical stage.

Sygnature has a headcount of 200 and operates out of laboratories in BioCity, Nottingham. According to publicly available documents, the business generated a turnover of £11.2m in the year ending in March 2016, with a total operating profit before interest and tax of £1.6m.

People
Phoenix Equity Partners – Kevin Keck (partner).
Sygnature Discovery – Simon Hirst (CEO).

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