Limerston buys Forensic Access, Axiom International

The firm is currently investing from its debut fund, which closed on £200m in August 2017. The fund makes majority investments in UK-based companies with EBITDA of £4-10m that can benefit from operational improvement. It will also invest in companies with EBITDA of £1-2m that operate in fragmented sectors offering consolidation opportunities.

The transaction was agreed upon through a bilateral deal and is the fifth made from the fund.

Management and founders will retain a significant minority shareholding as part of the transaction. The company will work towards accelerating the growth of the businesses, both organically and via carefully considered acquisitions that bring additional forensic and criminal justice specialisms and capabilities.

The firm used a bridge loan for the transaction, though no new debt was issued for this acquisition.

Company
Headquartered in Wantage, Forensic Access was established in 1986 to provide advice across all sectors of criminal and private sector justice. The company has since evolved to provide a range of forensic science services both in the UK and internationally, with a focus on firearms and ballistics, fingerprints, forensic biology and DNA, animal forensics and a wide range of niche forensic and medico-legal capabilities.

Headquartered in London, Axiom International provides products and services in the fields of strategic capacity building, institutional and public sector reform, justice and peacebuilding, and national security development. It was founded in 2010.

The two companies combined employ more than 50 people and the generate revenues of more than £25m.

People
Limerston Capital – James Paget; João Rosa (managing partners).

Advisers
Equity – Cohen & Gresser (legal); KPMG (financial due diligence).
Vendor – Strata Partners (corporate finance).

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