Albion and Maven exit Lab M to Neogen

Funds managed by Maven will reap £1.4m from the transaction, representing a 2.3x return on its initial investment. Albion funds will enjoy proceeds of £2.2m, equating to a 3.6x multiple.

Since the firms' involvement with Lab M, the company has invested in new facilities and restructured its production management activities, in addition to appointing two new senior managers. It has also expanded its sales network into additional markets.

The exit comes shortly after Maven sold its stake in Cash Bases, a UK provider of point-of-sale (POS) cash drawers, reaping a 7.1x multiple.

Previous funding
Maven and Albion's investments in Lab M date back to 1998, when Guinness Flight Venture Capital Trust and Quester VCT backed the company's acquisition of four microbiology businesses. Maven took over the contract for Guiness Flight, now known as Maven Income and Growth 4, in 2008. Albion took over the contract for Quester, now known as Kings Arm Yard, in 2011.

Company
Founded in 1971 and headquartered in Heywood, Lancashire, Lab M manufactures microbial testing and diagnostics products for the food, water, industrial and clinical markets. The company has a headcount of 35 and generates a turnover of £4.8m.

People
Will Fraser-Allen is deputy managing partner at Albion. Andrew Symmonds is portfolio manager at Maven. Colin Goodwille is chairperson of Lab M.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Albion Ventures