Newspaper article Manchester Evening News

A NEW CONCEPT FOR LIFE SCIENCES ; Equistone Partners Europe Supports Launch of New Firm Created through Triple Swoop.

Newspaper article Manchester Evening News

A NEW CONCEPT FOR LIFE SCIENCES ; Equistone Partners Europe Supports Launch of New Firm Created through Triple Swoop.

Article excerpt

ALIFE sciences firm - created through a hat-trick of acquisitions - has set up home in Greater Manchester.

Concept Life Sciences has been created with backing from private equity outfit Equistone Partners Europe, which will have a majority stake in the business.

Concept, which will have 100 staff based at Osprey House, Pacific Quay, Salford Quays, has been created through the acquisitions of Peakdale Molecular Limited, in Chapel-en-le-Frith, along with Resource & Environmental Consultants Limited (REC) and Scientific Analysis Laboratories Limited (SAL), which operate a number of sites across the UK. The business carries out lab-based analytical testing to help accelerate investment in biological sciences, among other services. The value of the three swoops is nearly $100m - Pounds 58m.

Executive chairman Michael Fort and chief executive Alan Morgan will lead the business. The deal was sourced by Equistone Partner Steve O'Hare and Investment Director Andi Tomkinson, who both join the board as non-executive directors.

Steve O'Hare, partner at Equistone, said: "We've worked closely with the management team to develop the new group, whilst simultaneously making the foundation acquisitions, which have given entry into high growthmarkets. The company has established a strong presence nationally and created a platform to target international growth and expand its serviceooffering to existing clients. We look forward to developing the business further through the execution of its buy-and-build strategy." Alan Morgan, Chief Executive at Concept Life Sciences, said: "The acquisitions are the first steps in building a comprehensive platform of services for our clients requiring science based innovative solutions. …

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