Mon, 07 Feb 2011 | MBO/MBI
A Cambridgeshire agricultural testing business has been sold in a management buy-out that has provided valuable funds for its now former parent company.
Cawood Ltd has been developed over the last eight years by Sensortec Ltd, the St. Helier, Jersey-based company that first created it through the merging of a number of smaller testing laboratories. Cawood has achieved consistent year-on-year sales growth and last week was bought-out by its management.
Sensortec's chairman, Richard Wardle, said that the sale of Cawood has left them with valuable capital that they now plan to invest in their primary range of biosensors, with the hope of moving it from research-based activities in to commercial applications and markets.
"The management buyout of Cawood is the start of an exciting new chapter for both companies," he said. "It gives Cawood the opportunity to continue its expansion and Sensortec the ability to bring a series of new products to market via its biosensor business, Universal Sensors Ltd, which itself is growing rapidly."
Sensortec has plans to expand its VatixTM Point-of-Care medical diagnostics system, having received significant investment from the Department of Health's Small Business Research Initiative. The company plans to steadily launch products throughout 2011, forging particularly into the growing agritech mobile testing market.
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