Fri, 17 May 2024 | BUSINESS SALE
Biofortuna, a laboratory services group backed by SME investment manager Foresight, has acquired sample storage specialist Cryoniss. Founded in 2018, Cryoniss is an outsourced managed service provider of cold-chain logistics and temperature-controlled, biological sample storage.
Cryoniss has bases at the Alderley Park life sciences campus and at Runcorn’s The Heath Business and Technology Park. The company has received early-stage equity funding from Maven Capital Partners and a range of high-net-worth investors.
The deal will provide Biofortuna with expertise and infrastructure in temperature-controlled biological sample storage and strengthen the firm’s existing stability storage capabilities, while accelerating the growth of its offering in controlled-environment storage.
Biofortuna chief executive Nick Ash said: "Cryoniss is a perfect fit with our existing controlled-environment storage and cell line services business. With customers increasingly looking for single site provision of sample storage and analytical services, Biofortuna is now perfectly positioned to deliver a fully integrated, end-to-end service. I am delighted to welcome the Cryoniss team to Biofortuna."
Cryoniss co-founder and Chief Executive Sonia Houghton said that the acquisition presents the firm with “a host of new opportunities” and will allow the company “to showcase our expert temperature-controlled services to a much wider audience across the life sciences and biotech sectors and enables our customers to access our highly accredited services quickly and efficiently."
Maven Capital Partners Portfolio Director Karen de Meza said that acquisition “presents a symbiotic opportunity for the company in the next phase of its evolution.”
Bamburgh Capital advised on the sale, with Associate Director Alex Wilson saying: "The Cryoniss team led by Sonia and Phil have done a great job in building the business and are now ready to accelerate their growth as part of a larger corporate, allowing them to offer a wider and deeper service to its clients."
In a tough financing environment, businesses may have to explore alternative funding options to drive their M&A strategies
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