Palatine-backed Gateshead firm acquires Cramlington business
A Gateshead-based testing and inspection specialist has made its first acquisition since securing the backing of a regional private equity firm.
Risk management group Lucion has acquired Cramlington-based Askam following investment from private equity company Palatine.
Founded in 2006 by Stewart McNicholl, Askams specialises in UKAS accredited asbestos management services including asbestos surveying, testing, analytical services and UKATA asbestos awareness training.
With six offices across the country and 69 asbestos specialists, the acquisition of Askams will enable Lucion, which focuses on compliance for hazardous materials, to enhance its existing asbestos services.
The deal, funded by Palatine Private Equity alongside with a debt funding package provided by HSBC, provides an exit for the founder shareholders, including Stewart, who will leave his role as managing director.
Jamie McGivern, chief financial officer at Lucion explained: “Our new relationship with Askams highlights the highly ambitious attitude which runs throughout the firm, in line with our strategy of combining organic and acquisitive growth.
“With the financial backing of Palatine, we are delighted to be able to execute the Askams deal, and I am looking forward to continuing growing the business with the help of the team.”
James Winterbottom, investment director at Palatine added: “The speed at which this deal was completed demonstrates the confidence Palatine and the Lucion team have behind our buy and build strategy.
“The company has shown its ambition to grow rapidly, and we are more than happy to provide support and funding to enable this expansion.
“The addition of Askams will consolidate Lucion’s role as market leader whilst widening its range of services, and we look forward to supporting more acquisitions as it looks to strengthen its position in the market further.”
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