Endless LLP and NorthStar are delighted to announce the sale of Excelsyn Limited to Albany Molecular Research, Inc. (“AMRI”), a market leading provider of scientific services, products and technologies focused on improving the quality of life.
Endless invested in Excelsyn in 2007 alongside NorthStar (who invest on behalf of the North East Co-Investment Fund) and has helped develop Excelsyn into a well recognized market leader providing specialist chemical development and manufacturing services to the pharmaceutical industry in Europe. Located in Holywell (North Wales), Excelsyn has 60 employees and generated revenue of £10million in 2009.
Under the terms of the agreement, AMRI has purchased all of the outstanding shares of Excelsyn for £12million.
Excelsyn CEO Ian Shott said, “Endless and NorthStar showed outstanding initiative in backing Excelsyn in 2007 when others would not, and their courage and foresight have been well rewarded.”
Aidan Robson, at Endless, who led both the original investment and the current exit, commented, “This represents another successful turnaround with good returns for Endless. We invested in Excelsyn when the business was facing considerable challenges and had lost investor support. Three years on and following significant work and commitment from both Endless and management, Excelsyn is now a market leader in providing chemical development and manufacturing solutions to the pharmaceutical industry. The management team, led by Ian Shott, David Rowles and Paul Ryan, has delivered outstanding and consistent performance in fiercely competitive markets and the link-up with AMRI will provide even greater opportunities for the company going forward.”
Ian Richards of NorthStar said, “We are delighted with this transaction which will enable Excelsyn to be part of larger group, and extend its worldwide footprint.”
Endless, NorthStar and Management were advised by Dickinson Dees Newcastle (Ben Butler). AMRI were advised by DLA Leeds (John Gallon).
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