Exova Group plc, the global testing, calibration and advisory services provider, announced today that it has entered into a conditional sale and purchase agreement to sell its UK and Ireland Food, Water and Pharmaceutical business to international life sciences company, Eurofins Scientific, for a cash consideration of around £18m.
The sale consists of a portfolio of ten well-established, accredited laboratories across the UK and Ireland which provide a wide range of chemistry and microbiological testing services. Exova’s Food, Water and Pharmaceutical business in the UK and Ireland generated revenues of around £20m in 2015. It is expected that the sale will complete early in the third quarter of 2016 on the satisfaction of certain conditions.
Ian El-Mokadem, CEO of Exova Group plc, said: “The sale of our Food, Water and Pharmaceutical business in the UK and Ireland allows us to dedicate significantly more financial and management resource to growing in sectors where we can build on our market leading positions in technically demanding services such as Fire, Transportation, Aerospace, Industrials and Infrastructure related testing.”