News
Cavendish advises on the sale of HFL Ltd
25 January 2007Cavendish Corporate Finance is pleased to announce the sale of HFL Ltd (HFL) on behalf of the Horserace Betting Levy Board (HBLB) to Quotient BioResearch Ltd for £20.25m.
HFL has a global reputation in the field of sports drug surveillance through its analysis of equine, canine and human samples. In addition to carrying out all greyhound and race horse testing in Great Britain, HFL has a growing number of major pharmaceutical and biotechnology customers who increasingly utilise HFL's laboratory services of bioanalysis and biomarker research, in their drug development programmes.
Owing to its unique position in the specialist laboratory services sector, HFL attracted considerable interest from trade buyers and private equity investors, both in the UK and overseas. Cavendish managed a highly competitive bidding process that ensured a full price was paid for HFL's business and substantial property assets while securing the long term future of the business.
Commenting on Cavendish's role in the transaction, Sir Tristram Ricketts (CEO of the HBLB) said:
"Cavendish brought commitment and focus to the tender process for the sale of HFL. They had the necessary specialist expertise and offered consistently high quality advice to a satisfied client."
[Howard Leigh], Managing Director of Cavendish added:
"This was a high profile project for Cavendish involving government and statutory bodies, a large number of stakeholder interests and considerable appetite from buyers from around the world looking to acquire a unique asset. We were pleased to be able to assist the HBLB in successfully achieving all its goals with regard to the sale of HFL."
Cavendish contacts for further information:
[Howard Leigh], Director
Edward Lethbridge, Executive
John Doree, Director