Cavendish Corporate Finance advises on the successful sale of YorkTest Laboratories to Ingemino

Published September 28, 2011

YorkTest, Europe's leading food intolerance (delayed food allergy) testing company, has been acquired by Ingemino Limited, a newly established company formed by successful entrepreneurs Keith Tozzi and Fiona Begley; both of whom have a track-record of building substantial businesses in the testing and laboratory markets. Tom Hardman, YorkTest's managing director, joins the board of Ingemino. The acquisition was supported by CPBE Capital (Close Brothers Private Equity).

Established over 28 years, YorkTest manufactures and markets a number of self-test services of laboratory analysed diagnostic home health tests direct to consumers, medical laboratories and practitioners, both in the UK and in over 50 countries around the world. The Company's aim is to empower people with informed, personal insights to enable them to change their diet and improve their health.

Combined with increasing media coverage and powerful endorsements from key opinion leaders, including world renowned marathon runner Paula Ratcliffe, YorkTest has seen sustained profitable growth over the past few years with revenues expected to reach £5 million in 2011. Growth is expected to continue as people increasingly realise that the foods they eat are a key component of good health.

The deal was led by Gordon Hamilton, healthcare partner at Cavendish supported by fellow partner Raymond Fagan. Raymond first met with John Graham, the retiring chairman and majority shareholder of YorkTest, in 2003 and had been tracking the growth and success of the business over this time.

John Graham commented on the closing of the transaction, "I wanted to express my personal thanks to you for all your efforts in achieving a successful sale of Yorktest. I never knew how stressful and complex the sale process could be. I really do appreciate your finding a good deal in quite difficult circumstances."

Legal advisers for the vendors were Philip Ashworth and Alistair Scott-Summers of Dickinson Dees LLP, York office. Financial analysis and reporting was provided by David Dickson of Garbutt & Elliott, Chartered Accountants, York.