Limerston buys Wickham Micro, appoints new CEO

Rachel Lewis
02 February 2022

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UK mid-market private equity firm Limerston Capital has bought the assets of contract testing company Wickham Laboratories, renaming it Wickham Micro.

Under the deal, Wickham Laboratories' founders will retain control of the in-vivo toxicity testing part of the business and the real estate, as part of a separate entity.

Filed accounts show that Wickham Laboratories had a turnover of GBP 8.6m in 2020, up 40% on 2019, with an operating loss of GBP 1.6m against GBP 600,000 in 2019.

A spokesperson confirmed that Wickham Laboratories does not exist in an operational sense. "As part of the purchase, Limerston has acquired the assets of Wickham Laboratories and the name of the new entity is Wickham Micro."

Limerston said the acquisition of the laboratory is part of a wider growth plan that will see it add capabilities, develop its portfolio and explore further acquisitions.

The GP has also appointed Mark Hammond as CEO, from the same position at biotechnology company PBD Biotech, which provides testing for mycobacterial diseases like bovine TB. He has also worked at Melbourn Scientific, Intertek, and Aesica Pharmaceuticals.

Limerston invests in mid-market companies with EBITDA of GBP 5-15m that have the potential for operational improvements and provide opportunities for consolidation.

It closed its first fund, Limerston Capital I, on more than GBP 200m in August 2017.

The GP has so far realised one investment, selling Arch Sciences Group in July 2017 to Element Materials Technology, which is backed by Bridgepoint. The sale reaped a return of 30% IRR.

Company
Wickham Micro is an established laboratory, providing microbiology and in-vitro toxicology services to the pharmaceutical and medical devices sectors for 60 years.