Quotient Bioscience Group Limited ("Quotient" or "the Company"), a leading provider of analytical and safety evaluation services and products for bioscience and sport, today announced it has raised a significant minority investment of approximately £35 million from TA Associates, one of the world´s largest and oldest private equity firms.
The proceeds will be used to fund the Company´s acquisition–led and organic growth strategy. Quotient has identified and is in discussions with a number of acquisition candidates with a view to strengthening its growing market position in Europe and North America.
Quotient has completed four acquisitions since it was founded in January 2007. Its core businesses focus on the areas of early–stage drug development services for the pharmaceutical and biotechnology sectors, drug surveillance services for sport, and the manufacture and sale of critical reagents used for blood typing.
In May 2008, the Company consolidated its drug development services businesses under the name Quotient Bioresearch, renaming the parent company of the Group, Quotient Bioscience Group Limited.
Paul Cowan, Chairman and Chief Executive Officer of Quotient Bioscience, commented, "Quotient has recently undertaken an ambitious expansion program, establishing one of Europe´s leading drug development services groups. We are also major players in the drug surveillance and blood–typing reagents markets. Completion of this investment will enable us to continue funding growth through synergistic acquisitions and organic growth in our existing core businesses. We look forward to working in partnership with TA Associates to achieve this ambition."
"We are pleased to complete an investment in Quotient at this exciting stage in its development," said Jonathan Goldstein, a Managing Director at TA Associates who will be joining the Board of Quotient Bioscience. "The exceptional quality of Quotient´s services and superior management coupled with TA´s long history of helping companies grow and expand should allow Quotient to continue its impressive growth trajectory."
Mark Carter, a Senior Vice President at TA Associates, will also be joining Quotient´s Board of Directors.
TA Associates has four decades of investing experience, focusing on profitable growth companies. The firm has extensive expertise in the healthcare sector, including investments in Alere Medical, Alma Lasers, American Access Care, CompBenefits Corporation, Coventry Health Care, Gulf South Medical Supply, Invitrogen Corporation, Logistics Health, MQ Associates, One Call Medical, Preferred Payment Systems, Triumph HealthCare, Twin Med and Youth and Family Centered Services.
Quotient was advised by Ernst & Young LLP and Mishcon de Reya. Ulster Bank continues to provide senior debt funding to the Group. Travers Smith and Goodwin Procter acted as legal advisors to TA Associates.
Notes to editors:
Quotient Bioscience is a rapidly growing UK Group focused on the provision of high value–added analytical and safety evaluation services and products for bioscience and sport. Founded in early 2007, Quotient Bioscience has completed four acquisitions in the United Kingdom - HFL Limited in January 2007; Alba Bioscience Limited in August 2007; GR Micro Limited in September 2007; and BioDynamics Research Limited in February 2008.
Quotient Bioscience reorganized its drug development services business under the Quotient Bioresearch name in May 2008. With its services focused on radiosynthesis, drug metabolism, bioanalysis, biomarkers and microbiology, the drug development services business of Quotient Bioresearch serves over 140 pharmaceutical and biotechnology companies worldwide (including many of the worlds most important pharmaceutical companies).
HFL Sports Science, a division of Quotient Bioresearch, is a world leader in the provision of drug surveillance services for sport.
The Biodiagnostics division of Quotient Bioscience, trading as Alba Bioscience, is a world leader in the manufacture and sale of critical reagents used for blood typing. In September 2007 Alba Bioscience received FDA approval to distribute certain of its monoclonal reagents in the USA. Approval has also recently been received to distribute the same products in Canada.
Quotient Bioscience is seeking to maintain its current rate of growth through a combination of both organic growth and acquisition–led growth (both in Europe and in North America).
Prior to the investment by TA Associates, the principal investors in Quotient were Paul Cowan, Helical Bar plc and Dencora Investments LLP. Management and employees of Quotient are also major stakeholders in the Group.
For further information: www.quotientbioscience.com.
TA Associates, founded in 1968, is one of the largest and most experienced private equity firms. With offices in Boston, London and Menlo Park, the firm manages more than $12 billion in capital and has invested in more than 380 companies. TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, healthcare, business services and consumer industries. More information about TA Associates can be found at www.ta.com.
