American private equity firm KKR has agreed to buy life sciences firm LGC from London-based investment group Bridgepoint for an undisclosed sum.
LGC said under KKR’s ownership it plans to “continue the rapid development of the business” with a particular focus on the US and Asia. The company specialises in scientific testing, including DNA testing kits.
Under Bridgepoint’s ownership over the past five years, LGC has purchased 12 companies and grown revenue from £130m in 2010 to £222m in 2015. Bridgepoint, which also has holdings in Pret a Manger, Ask and Zizzi, bought LGC from LGV Capital in 2010, in a transaction that valued the business at £257m.
Bridgepoint is believed to have tripled its investment on the deal with KKR. HSBC and JP Morgan were joint financial advisers on the purchase.
Tim Robinson, LGC chief executive, said: “We have ongoing, exciting growth opportunities across our entire business that will strengthen our solutions to our existing customers and help us expand into new markets and geographies. This is an exciting new phase in LGC's development and we believe that KKR’s network, market knowledge and support make them an ideal, new partner for our business.”
KKR said its global network, “as well as its experience and deep relationships in the life sciences and healthcare sectors”, will help LGC’s management “deliver against its plans for future growth”.