KKR agrees LGC sale to Cinven, Astorg consortium

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Alternatives giant KKR has agreed to sell its life science tool business LGC to a consortium co-led by Cinven and Astorg.

Cinven is using its seventh flagship fund for the deal, having closed the vehicle on its €10bn hard cap earlier this year.

Fellow buyout house Bridgepoint sold the 177-year-old business to KKR in 2015, after a five-year-hold.

Bridgepoint secured a three-times return through the sale, according to a source with knowledge of the deal.

LGC provides measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents for the healthcare, agri-food and the environmental markets.

The UK-headquartered company serves almost 50,000 laboratories globally and saw revenue rise to over £448m in 2019.

KKR EMEA head of industrials Edouard Pillot said, “LGC is a good example of KKR’s successful approach in building great companies.

“We identified LGC as a strong and resilient business with significant potential for further growth, and worked alongside management to support them in harnessing this potential.

“Tim and the LGC team have done an outstanding job over the past 4 years building LGC into a global leader. We wish them every success during their next stage of growth.”

Earlier this week, KKR reportedly contacted private equity majors Blackstone and EQT as well as CK Infrastructure Holdings to gauge buyer interest in Singaporean bulk containers provider Goodpack.

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