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Spectris buys Concept Life Sciences for £163m
Spectris on Friday said it had bought Concept Life Sciences from Equistone Partners Europe and company management for £163m on a debt and cash-free basis.
UK-based Concept Life Sciences provides integrated drug discovery, development, analytical testing and environmental consultancy services to an international customer base, mainly in the pharmaceutical, biotechnology, agrochemical and environmental sectors.
It also carries out development and analytical services for the food, consumer and environmental industries.
Gross assets of Concept Life Sciences at December 2016 were £73.4m. Pro-forma revenue (including the full-year impact of acquisitions) in the year to December 2017 was £48.7m and pro-forma EBITDA was £9.3m.
The purchase would be met from existing cash and bank facilities.
"The business has a history of delivering double digit growth and we expect that to continue," Spectris said.