Shoosmiths has advised Scientific Analysis Laboratories (SAL) and Resource and Environmental Consultants (REC) shareholders on their sale to new Manchester-based scientific laboratory and consultancy business Concept Life Sciences in a deal worth $100m.
SAL, a speciality laboratory testing business, and REC, an asbestos and geo-environmental consultancy, were acquired by Concept Life Sciences after investment was secured by private equity firm Equistone Partners Europe from their 1.5bn (EUR) Fund IV. Equistone took a majority stake in Concept. Derbyshire-based drug discovery services company, Peakdale Molecular has also been acquired as part of the deal.
SAL has offices in Manchester, Cambridge, Braintree in Essex, East Kilbride in Scotland and Moy in Northern Ireland while REC has 14 locations across the UK including a Salford Quays base.
Concept Life Sciences is focused on laboratory-based analytics testing and complex chemistry synthesis. It aims to accelerate investment in life sciences.
Shoosmiths' corporate partner, Kieran Toal, commented: 'We are delighted to have acted for the shareholders of SAL and REC on what was a complex and challenging transaction and for the Shoosmiths corporate team in Manchester to demonstrate its capability with a significant role in a fantastic local market deal.'
'We wish the new business every success going forward.'