Shoosmiths has advised Scientific Analysis Laboratories (SAL) and Resource and Environmental Consultants (REC) shareholders on their sale to Manchester-based scientific laboratory and consultancy business Concept Life Sciences in a deal worth $80m (approximately £46m).
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 its €1.5bn (£1.2bn) Fund IV. Equistone took a majority stake in Concept. Peakdale Molecular, a Derbyshire-based drug discovery services company, has also been acquired as part of the deal.
SAL has offices in Manchester, Cambridge, Braintree, 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.
The Shoosmiths legal team included corporate partner Kieran Toal.