Gulf backing for £3bn LGC swoop
Life science measurement and testing business LGC, with bases in Newmarket and Hoddesdon, is being sold for around £3 billion to a consortium comprising private equity groups Cinven and Astorg and the sovereign wealth fund Abu Dhabi Investment Authority.
LGC provides a range of measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents underpinned by leading analytical and measurement science capabilities.
Its scientific tools and solutions form an essential part of its customers’ quality assurance procedures and enable organisations to develop and commercialise new scientific products and advance research.
The company serves customers across a number of end markets, including human healthcare, agri-food and the environment. LGC’s revenue has risen to over £448 million in 2019, with organic revenue growth accelerating to 10 per cent a year since 2016.
CEO Tim Robinson said: “Under KKR’s ownership, LGC has further built on its mission to deliver Science for a Safer World. Our company has extended its capabilities in the areas of chemical reference standards, clinical reference materials and controls, management system standards, oligo therapeutics and next-generation sequencing.
“We have achieved strong organic growth aided by investment in key sites in the UK, US, Germany and China and supplemented by a range of highly complementary acquisitions.
“We are delighted that Cinven and Astorg have chosen to partner with LGC for the next chapter of our history. Together we will continue to invest in serving our customers and supporting the development of our employees.”
LGC employs over 3,200 employees across 22 countries and its Cambridge (Fordham) site is one of the largest bioanalytical centres in the world.
The high-tech campus is in a beautiful rural setting just outside the British horseracing centre of Newmarket and 20 minutes from the bioscience hub of Cambridge, UK. The site employs around 380 scientists operating from 8,000m2 purpose-built, state-of-the-art analytical labs and is home to two main business activities – drug development solutions and sport & specialised analytical services.