Barloworld Scientific Laboratory Group (United Kingdom) - Nov 2007

unquote
01 November 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

Nova Capital Management has acquired the Barloworld Scientific Laboratory Group (BSL) of businesses from South African-listed international industrial company Barloworld Ltd, in a deal which values the group at £75m. Nova and Pantheon Ventures have set up a new fund vehicle to complete the transaction, providing equity funding to support the deal and to finance the on-going development strategy, with HSBC providing senior-only debt facilities. Mooreland Partners operated a competitive pitch process on behalf of the vendor, which attracted a range of international investors. The deal remains subject to regulatory approval and is expected to complete by the end of November.

Company

BSL is a group of companies, based both in the UK and overseas, that manufacture and distribute scientific, industrial and clinical laboratory equipment. Headquartered in Stone, Staffordshire, the group consists of five businesses, acquired separately by Barloworld over the past 10 years, which was established as an independent subsidiary when the company streamlined in 1994. The businesses will operate as entirely separate entities following the acquisition. The group collectively employs more than 950 staff and has an aggregated turnover of approximately £80m a year, with EBITDA of around £9m.

People

David Williamson led the transaction for Nova Capital Management Ltd, while Elly Livingstone and Paul Ward represented Pantheon Ventures. Stuart Mills handled the deal for HSBC.

Advisers

Company - Fulbright & Jaworski, Christopher Clement-Davies (Legal)Equity - Deloitte, Chris Warren , Nick Jeal (Financial Due Diligence)Equity - Environmental Resource Management, Craig Carson, James Holley (Environmental Due Diligence)Equity - Goodwin Procter, George Lloyd, Lynda Galligan, Mark Kirshenbaum (Legal)Equity - Travers Smith, Caroline Murphy, David Innes (Legal)

Sourced from: 0 unquote" 357 (Nov 2007)