Inflexion sells Cawood Scientific to Waterland

Kenny Wastell
22 July 2019

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Inflexion Private Equity has sold UK-based agriculture and environmental testing business Cawood Scientific to Waterland Private Equity.

The sale represents a return of 3x for the vendor, Unquote understands, and brings to an end a holding period of less than two and a half years.

Financial details of the transaction remain undisclosed, though the acquirer is currently investing from Waterland Private Equity Fund VII, which typically makes initial investments in deals valued at up to €100m, according to Unquote Data.

In the year prior to Inflexion's initial acquisition, Cawood generated operating profits before tax of £1.2m.

Under the vendor's tenure, Cawood made three bolt-on acquisitions, which enabled it to diversify into new sub-sectors and increase its presence in the Irish market. It has also increased its headcount from 170 to around 350.

Previous funding
Cawood first received private equity backing when NVM Private Equity invested £4m to support the management buyout of the company in 2010. Inflexion then acquired the business in 2017.

Company
Headquartered in Bracknell, Berkshire, Cawood is a provider of analytical laboratory testing services for the agronomy, livestock, agrochemical and environmental renewables sectors. The group comprises Sciantec Analytical Services, NRM Laboratories, Sci-Tech Laboratories, Sci-Tech Ireland, Mambo-Tox Research and Enitial Projects.

People
Inflexion Private Equity – Carl Wormald (partner).
Cawood Scientific – Nigel Patrick (CEO); Linda Radnor (chief operating officer).

Advisers
Vendor – GCA Altium (corporate finance).