Palatine supports Lucion's acquisition of Askams

The transaction comes less than three months after the GP acquired testing, inspection and certification business Lucion with capital drawn from its third flagship fund.

The acquisition of Askams will add a further six offices to Lucion's existing portfolio and enable it to increase the range of services offered by its Askams Nuclear Active laboratory in Warrington.

The deal will enable Askams' founding shareholders, including outgoing managing director Stewart McNicholl, to fully exit the business.

HSBC provided a debt funding package to support the transaction.

Company
Founded in 2006 and headquartered in Cramlington, Northumberland, Askams is a provider of asbestos management, surveying and testing services. The business has additional offices in Chatham, Bristol, Warrington, Livingston and Pontypool.

People
Palatine Private Equity – Gary Tipper (managing partner); Ed Fazakerley (partner); Kieran Lawton, James Winterbottom (investment directors).
Lucion Services – Phil Rozier (CEO); Jamie McGivern (chief financial officer).

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