Equistone sells Concept Life Sciences to Spectris for £163m

Equistone acquired a majority stake in Concept Life Sciences when it was formed in a hat-trick of acquisitions with a combined value of $100m, in 2014. Equistone made its investment in the new company through its €1.5bn Fund IV, marking the 21st investment made by the fund. A senior debt package was provided for the deal by Lloyds Bank Commercial Banking and HSBC.

Concept Life Sciences grouped together Peakdale Molecular, Resource & Environmental Consultants, and Scientific Analysis Laboratories. There were plans at the time for the company to eventually expand into the rest of Europe and the US, with Concept Life Sciences and its backer planning to carry out an ongoing buy-and-build strategy.

The group did go on to make a number of acquisitions during the ownership period, including most recently the bolt-on of Aquila Biomedical, an Edinburgh-based research company. It also grew organically, Equistone stated.

Spectris – which is listed on the London Stock Exchange – expects the acquisition to add testing services to its materials analysis division, especially in the pharmaceutical, biopharmaceutical and agrochemical markets.

Company
Concept Life Sciences provides integrated drug discovery, development, analytical testing and environmental consulting services. Its customers mainly operate in the pharmaceutical, biotechnology, agrochemical and environmental sectors.

The Manchester-based business generates turnover of £48.7m and employs 700 staff.

People
Equistone Partners Europe – Steve O'Hare (senior partner).

Advisers
Vendors – Rothschild (M&A); Addleshaw Goddard (legal).

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• Topics
• Exits
• Healthcare
• UK / Ireland
• Equistone Partners Europe
• Trade sale
• Rothschild
• Addleshaw Goddard