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Catapult Venture Managers Limited (“Catapult”) is delighted to announce that its portfolio business, Food and Drug Analytical Services Limited (‘’FDAS’’) has been acquired by Tentamus UK Limited, the UK subsidiary of German laboratories group Tentamus Group GmbH.
Based at BioCity, Nottingham, FDAS is one of the UK’s leading independent providers of pharmaceutical quality control testing services. Catapult first invested in the company when it was formed in 2004, alongside the founders of the business. Accredited by the Medicines & Healthcare Products Regulatory Agency (MHRA), FDAS delivers a full contract testing service – incorporating chemistry, microbiology, stability and development capabilities - to some of the UK’s largest pharmaceutical companies.
The sale provides another highly satisfactory exit for Catapult’s East Midlands Regional Venture Capital Fund (‘EMRVCF’).
Occupying state of the art laboratory facilities, the investment has enabled FDAS to significantly grow its market share and turnover, and to cement an exceptional reputation in the industry. The company has also steadily invested in additional equipment and staff and now employs in excess of 20 people.
Jonathan Lowe, Head of Investor Relations at Catapult, said, “Under Larissa Taylor’s leadership, FDAS has developed into a highly successful business, undertaking important testing work for the benefit of customers and consumers alike. Since we first invested in 2004, we have worked closely with the Board and management team of the company to support its growth and we are very proud of the success of the business to date. We are sure that under its new owners, FDAS will continue to go from strength to strength.’’
Larissa Taylor, Technical Director at FDAS said “The sale of FDAS to Tentamus is without doubt the best option for the company and represents the next phase of development and growth. As part of the Tentamus Group of companies we will continue to build on our success. Part of the reason for that success has been the investment and support that Catapult have provided over the last twelve years, which has been greatly appreciated by the management team.’’
With Larissa Taylor continuing to lead the business, the transition is expected to be seamless for staff and customers with no disruption to operations.
Shareholders were advised by the corporate team at Nottingham-based law firm Fraser Brown, led by Tom Gray and assisted by Peter Abel with accounting advice from Smith Hodge and Baxter.