Stockton bio firm in £4.4m MBO
Stockton-on-Tees based CBio has undergone a management buyout, in a deal worth £4.4m.
CBio recently announced it had doubled its European exports after landing a series of Lithuanian orders.
The managing team comprises managing director, Ben Hoskyns and development director, Dr Tony Brooke.
Ben has previous experience of private equity having managed SME focused venture capital fund at the Commonwealth Development Corporation, while Tony has 30 years experience as a microbial biochemist.
The deal was supported by £3m investment from NVM Private Equity, and Tait Walker, Bond Dickinson, Square One Law and BDO LLP advised.
Ben Hoskyns said: “We are delighted to complete the buyout, which is a strategic move for our business as we make plans to expand into new markets and geographies.
“The NVM team have been extremely supportive during the deal process and made considerable effort to understand our business. We look forward to working together to take advantage of the growth potential in an ever evolving sector of the market.”
Mauro Biagioni, director of NVM Private Equity, added: “This is a very interesting sector to invest into right now as FOG management expenditure steadily increases in order to avoid legislative penalties.
“Ben and Tony complement each other well, bringing to the business extensive experience of applied biology and finance. They have succeeded in helping the business to grow, responding well to market changes. We are excited to be backing an experienced management team with a clear vision for CBio’s future growth.”
This was posted in Bdaily's Members' News section by Tom Keighley .