Bridgepoint Sells Alcontrol to Candover
Alcontrol, the analytical service company to the environmental and food sectors, has been sold by European private equity firm Bridgepoint to Candover for an undisclosed sum.
The company, acquired by Bridgepoint in December 2000 from Kelda Group plc in a Euro 112m buyout, provides accredited analytical services from a network of over 23 laboratories in the UK, Ireland, Benelux, Scandinavia and France. Its core business is high volume food and environmental testing, using a production driven analytical approach underpinned by science, customer service, logistics and leading edge electronic communications with customers.
According to Colin Stirling, a director with Bridgepoint, Alcontrol made nine acquisitions, most recently in France, with the aim of expanding its business geographically as well as consolidating its market. Turnover has also more than doubled to Euro 120m since it was acquired.
"We have worked with Alcontol management to move testing away from being a cottage industry to bring more corporate, making it much more service-oriented and able to serve pan-European customers in the process." he said.
Advisers involved in this transaction included: for Bridgepoint - BNP Paribas and Downer & Co (corporate finance), DLA (legal), Ernst & Young (financial), Roland Berger (commercial due diligence), URS Dames & Moore (environmental due diligence); for Candover - Nielen van Schaik (corporate finance), Clifford Chance (legal), and KMPG (financial). Debt is being provided by Dresdner Kleinwort Wasserstein and Bank of Scotland. Completion of the transaction is subject to regulatory clearance.