A private equity consortium has bought LGC, the UK testing company, for 3bn pounds
Last Update: 2021-03-01
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the private equity consortium led by European
the acquisition of the UK scientific measurement
and testing company
on November, 2019
. The LGC
billion pounds ($
according to people familiar with the matter.
LGC is a global leader in life sciences with more than 3,200 employees in 22 countries, and its Cambridge (Fordham) plant is one of the world's largest bioanalytical centres. Based on leading analytical and measurement science capabilities, LGC offers a range of measurement tools, competency testing solutions, supply chain assurance standards and specialized genomics reagents and instruments.
LGC serves customers in many end markets, including human health, agricultural biology and the environment. By 2019, the company's revenues have exceeded 448 million pounds, and organic revenue growth has accelerated to 10 per cent a year since 2016.
Tim Robinson, chief executive of LGC, said: "Over the past four years, under KKR's leadership, LGC has further expanded its market for life sciences tools. Our company's capabilities in areas such as chemical reference standards, clinical reference materials, oligonucleotide therapy and next-generation sequencing have been expanded. Tim Robinson
, added: "We have achieved strong organic growth through investments in the UK, US, Germany and China, complemented by a series of highly complementary acquisitions. We are delighted that Cinven and Astorg have chosen to work with LGC to open a new chapter in our development. We will work together to support the development of our employees while serving our customers. Cinven
, an international private equity firm founded in 1977, focuses on investments in the pharmaceutical and life sciences industries. Astorg is an independent private equity group that manages more than 8 billion euros in assets and invests in software, healthcare and technology-based industrial companies.
"For more than five years, we have been actively following the development of the life sciences tool market, particularly LGC, which has been impressed by its scientific capabilities," Astorg's managing partner, Francois de Mitry, said in a statement. The
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