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LGV sells interest in LGC Group to Bridgepoint

LGV Capital has sold its majority interest in LGC Group to Bridgepoint in a transaction valuing LGC at GBP257m. 

Bridgepoint will back LGC’s current management team, led by chief executive David Richardson (pictured).

LGC is a provider of chemical and biological analytical services and reference materials. Headquartered in Teddington, West London, LGC employs 1,500 staff across a network of 28 sites in 17 countries.

LGC provides its services to a mixed public and private sector customer base through four divisions: LGC Forensics, a forensic science provider; LGC Standards, a laboratory support business; Life & Food Sciences, a provider of BSE testing to the UK meat industry, DNA/genetic analysis services, pesticides and veterinary residues testing; and Research & Technology, a provider of services to the industrial sector and forming partnership laboratories with regulatory bodies.

Richardson says: “We are grateful that LGV has been such a highly supportive partner for our business throughout its period of investment. During that time, LGV has backed management in making seven bolt-on acquisitions and building a highly scalable platform for future growth. Through combining strong organic growth with complementary acquisitions, LGC has developed each of its core divisions while substantially increasing its international reach.”

Ivan Heywood, chief executive of LGV, adds: “LGC represents the latest exit from a series of successful LGV investments in the services sector.  We have backed the business during a period of significant growth, doubling turnover and trebling Ebitda during our period of ownership. We would like to thank David, his senior management team and all the staff for their hard work in making this a successful investment for LGV. We wish them well for the future and are confident of their continued success.”        

For the year ended 31 March 2009, LGC had revenues of GBP119.6m and Ebitda of GBP19.9m.

LGC was advised by KPMG Corporate Finance and Ashurst on the transaction.

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