LGC Sold
Reuters reported that the estimated purchase price was over $1 billion, and that other bidders included EQT, Carlyle Group and CVC. LGC is primarily known for its forensics testing services and as UK’s National Measurement Institute for chemical and bioanalytical measurement. It is the host organization for the country’s Government Chemist function. The firm’s proprietary laboratory products include reference materials and the KASP genotyping chemistry. LGC sales increased 1.9% in fiscal 2015.
London, UK 12/8/15; London, UK 12/8/15—Life sciences measurement and testing company LGC has been sold by private equity firm Bridgepoint to investment company KKR for an undisclosed amount. UK-based LGC provides life science testing products and services for a variety of markets, including pharmaceutical, agricultural biotechnology, food, environment, government and academia. LGC posted fiscal 2015 revenues, ending March 31, of £222 million ($358 million = £0.62 = $1). “We believe that there is a significant opportunity to build LGC into a leading global life sciences tools platform, particularly as it further develops its footprint in fast growing US and Asian markets,” stated Dominic Murphy, head of the Healthcare Industry Team and head of UK & Ireland at KKR, and Kugan Sathiyanandarajah, principal in the Healthcare Industry Team. “KKR’s global network, as well as its experience and deep relationships in the life sciences and health care sectors, will help management deliver against its plans for future growth.”
