ADIA is a Potential Partial Suitor for Testing Company LGC Group
Posted on 10/23/2019
LGC Group (LGC Limited), a U.K. scientific measurement and testing company, is owned by private equity firm KKR. LGC is formerly known as the Laboratory of the Government Chemist, with origins as a laboratory formed by the U.K.’s Department of Excise. In 1996, the lab company was privatized. In 2015, KKR acquired LGC from private equity firm Bridgepoint for roughly £650 million. Under KKR’s ownership, LGC acquired Toronto Research Chemicals in August 2019 and Massachusetts-based SeraCare Life Sciences, Inc. in December 2018.
Cinven and the Abu Dhabi Investment Authority (ADIA) are looking to make a joint bid for LGC, which could value the company at £2 billion to £2.5 billion including debt. Leonard Green & Partners, the Blackstone Group, and Boston-based Advent International, all are seeking to make separate bids for LGC. JPMorgan is organization the auction to attract buyers.