Permira acquires Quotient from GHO for a reported £600m

Kenny Wastell
19 July 2019

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Permira has acquired Quotient Sciences, a UK-headquartered provider of outsourced drug development services, from GHO Capital.

Financial details of the deal remain undisclosed, though Bloomberg recently reported that exclusive talks were taking place between the vendor and acquirer on the basis of a £600m valuation.

The transaction brings to an end a three-and-a-half-year holding period for GHO, which was invested in Quotient via €660m vehicle GHO Capital I.

The deal includes additional funding to support the company's ongoing growth strategy and will see existing CEO Mark Egerton and the management team continue to lead the business. Quotient is currently investing in the expansion of its range of services and manufacturing facilities.

Under the vendor's tenure, the company undertook expansion into the US market and increased its revenues from around £30m to £100m, according to historical figures recorded by Unquote Data and a statement issued by the company. Since the beginning of 2018, Quotient has acquired Reading-based Pharmaterials, and expanded its manufacturing facilities in the UK and US.

Previous funding
Quotient first received private equity backing in 2013, when Bridgepoint Development Capital supported the buyout of the company. GHO acquired the business two years later via its maiden fund, which typically writes equity cheques of €25-125m for companies with enterprise values of €100-400m.

Company
Founded in 1990, Nottingham-headquartered Quotient is a provider of outsourced drug development services.

People
Permira – Marcel Lacaze (principal).
Quotient Sciences – Mark Egerton (CEO).