Tuesday, 8 December 2015

Quelle surprise: Bridgepoint sells former Government Chemist LGC

I'm glad to see Bridgepoint, the UK-based private equity firm, has finally confirmed it's sold LGC to US buy-out giant KKR.

Now, I'm not necessarily pleased for Bridgepoint, who I'm sure has made a ton of cash from its investment in LGC (from what I recall LGC was privatised for £3 million but the private equity firm was expected to sell it for between £700 million and £900 million). It's just good to see one of my stories - that was denied to me at the time of publication by the parties involved - has finally been confirmed.

In case you don't recall, back in August this year I stumbled across a story about how Bridgepoint had hired advisers from JP Morgan and HSBC to sell LGC.

When I put this to a Bridgepoint spinner, the response was:

" There is currently no sales process. Instead, LGC, the international life sciences measurement and testing solutions business, has appointed JPMorgan and HSBC to advise it on its M&A pipeline. In the last five years the company has made 10 bolt-on acquisitions as part of its strategy to enhance product and service capabilities as well as develop its international reach.”

Still, I trusted my sources, stuck to my guns and gave the piece to the Mail on Sunday's business section. Here is a link to the article:


But the follow up to the piece in the Mail on Sunday were series of stories that led with the denial from the Bridgepoint spinner. Here is one example:


So I guess the lesson to be learnt here is that, well, spinners just, er, spin...

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