Bridgepoint has sold life sciences measuring and testing company LGC to KKR for an undisclosed amount.
Bridgepoint’s €283 million investment, made in 2010, is understood to have generated a 3x return for the firm.
It follows the sale of UK drug development company Quotient to specialist healthcare investor GHO Capital earlier this month for £165 million ($250 million; €228 million), which delivered a 6.4x return to the firm’s investors, as reported by Private Equity International.
London-based LGC manufactures and distributes reference materials and proprietary genomic products and testing services. It operates in 22 countries around the world with 20,000 customers in pharmaceutical, agricultural biotechnology, food and environmental sectors, as well as government and academia.
Through Bridgepoint’s investment period the company expanded internationally, growing organically and through the acquisition of 12 related companies. Revenues grew from £130 million in 2010 to £222 million this year.
KKR will provide capital and operational support to grow the business further, focusing particularly on the US and Asia, it said. The investment is being made primarily through its KKR European Fund IV, which is a €3.2 billion, 2014-vintage vehicle.
In 2015, Bridgepoint has returned more than €1.5 billion to investors, divesting stakes in companies including specialist cruise operator Ponant in a sale to Artemis and the sale of Infront Sports & Media AG to China’s Dalian Wanda Group for €1.05 billion.
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