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Lab21 in first phase of international expansion

Medical diagnostics provider Lab21 has embarked on what it claims to be an “aggressive” acquisitional strategy into Europe, the US and Japan.

The company bought independent clinical lab NPTech in March, strengthening its UK base and creating a springboard for expansion abroad. The buy, which is the first since the purchase of New Market Laboratories in October 2006, follows a new tactical drive. The push was driven by the newly appointed chief executive officer and chief finance officer Graham Mullis and Maddy Kennedy respectively. The pair joined Lab21 within six months of each other last year and hired BDO Stoy Hayward to size up some potential acquisitions.

Kennedy told M&A: “With the help of BDO we’ve been able to implement our buy and build strategy, and we are currently building a shortlist of targets. “Because of our familiarity with the market and our current operations in the area, our early operations are likely to again be in the UK or Europe.

“The diagnostic sector is strong, with good opportunities for organic and acquisitional growth. Aside from close to home, we’re looking at expanding into the US and Japan with the markets there being both buoyant and advanced.”

Kenndy added that she and Mullis have been working on restructuring and refocusing the company, which had a turnover last year of £3.7 million. She said acquisitions are likely to start off small with the potential for larger deals in future. The firm’s investors include Merlin Biosciences and Kreos Capital.

Lab21 is a global provider of state-of-the-art diagnostic products and services, supporting drug discovery, healthcare and environmental monitoring. Its customers include healthcare providers, pharmaceutical and biotechnology companies, in addition to organisations that need to monitor their impact on the environment.

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