Bridgepoint scores 3x money on LGC exit to KKR

Bridgepoint stated that under its ownership, LGC tripled profits, almost doubled revenues from £130m in 2010 to £222m in 2015, built an IP portfolio and completed 12 acquisitions.

KKR plans to grow the company by expanding throughout the US and Asia.

Reuters reported that insiders expected the deal to fetch more than £650m and that KKR won the bidding process against EQT, Carlyle Group and CVC.

Previous funding
In February 2010, Bridgepoint acquired LGC from LGV Capital for £257m. Bridgepoint arranged its own financing package to support the transaction alongside the company's existing syndicate of lenders, which included HSBC, Lloyds, Bank of Ireland and Societe Generale.

In 2003, LGV acquired a majority stake in the company in a £70m deal from 3i. LGV took a 60-75% stake, while management and other staff held the balance. A £35m debt package including A and B tranches as well as a revolver was arranged by HSBC, Bank of Ireland and Societe Generale.

Company
Based in London and privatised from the Laboratory of the Government Chemist in 1996, LGC operates in 22 countries and focuses on three areas: the manufacture and distribution of reference materials, proprietary genomic products and the provision of analytical and genomics testing services. LGC serves the pharmaceutical, food and environmental sectors.

People
Tim Robinson is CEO of LGC. Chris Busby is a partner at Bridgepoint. Dominic Murphy is head of the healthcare industry team and head of UK & Ireland at KKR. Kugan Sathiyanandarajah is a principal in the healthcare industry team at KKR.

Advisers
Vendor – Shearman & Sterling (Legal); JP Morgan (M&A); HSBC (M&A); EY (Financial due diligence); LEK (Commercial due diligence).
Management – Travers Smith (Legal).

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