Private Equity Consortium Led by Cinven and Astorg Acquires LGC Group for £3 Billion to Expand Life Sciences Tools Portfolio

VCBeat (WeChat ID:vcbeat) According to foreign media, local time2019Year11Month21Day, by European companyCinvenandAstorgThe private equity consortium led by announced its acquisition fromKKRAcquisition of UK-Based Scientific Measurement and Testing CompanyLGC Group. Sources familiar with the matter revealed that,LGCis valued at approximately30billion pounds (38.8hundred million U.S. dollars).

LGC is a global leader in the life sciences sector, with over 3,200 employees across 22 countries and regions. Its facility in Cambridge (Fordham) is one of the largest bioanalysis centers worldwide. Leveraging its leading capabilities in analytical and measurement science, LGC offers a comprehensive portfolio of measurement tools, proficiency testing schemes, supply chain assurance standards, and specialized genomics reagents and instruments.

LGC serves customers in many end markets, including human health, agri-bioscience and the environment. By 2019, the company’s revenue had exceeded £448 million, and since 2016 its organic revenue growth has accelerated to 10% per year.

Tim Robinson, CEO of LGC, stated: “Over the past four years, under KKR’s leadership, LGC has further expanded its presence in the life sciences tools market. Our company has enhanced its capabilities in areas such as chemical reference standards, clinical reference materials, oligonucleotide therapeutics, and next-generation sequencing.”

Tim Robinson added, “We have achieved strong organic growth by investing in the UK, the US, Germany, and China, complemented by a series of highly synergistic acquisitions. We are delighted that Cinven and Astorg have chosen to partner with LGC to usher in a new chapter of our development. We will work together to support employee development while serving our customers.”

Cinven is an international private equity firm founded in 1977, with a focus on investments in the pharmaceutical and life sciences sectors. Astorg is an independent private equity group managing over €8 billion in assets, investing in software, healthcare, and technology-driven industrial companies.

Astorg’s Managing Partner, Francois de Mitry, stated in a press release: “For more than five years, we have been actively monitoring developments in the life sciences tools market, particularly with regard to LGC. We have been deeply impressed by LGC’s scientific capabilities.”

(Compiled by Xiong Hui)