IRELAND
2022
BUY-SIDE
Lennox, the scientific and medical solutions supplier, has announced the acquisition of Focus Scientific Solutions in Meath.
The deal results in Lennox becoming the largest independent Irish company in this sector.
Focus Capital Partners, our Partner in Ireland, advised Lennox in this acquisition.
According to Lennox CEO Leslie Brett: “This announcement represents a new phase for Lennox, building on our proud 100-year history. Over the last five years, we have prioritised investment in systems, training and logistics and have transformed the company into a tailored end-to-end solutions provider.
“There has been a lot of movement in our sector in recent years, with indigenous companies being acquired by outside investment. Our strategy is to grow independently.
“Focus Scientific Solutions is the first step in this strategy, allowing us to further enhance the technical service business, target new customers and expand our product portfolio.“
Focus founder Liam Coughlan commented: “There is significant scalable potential in this strategic investment, and we look forward to the opportunities, shared learnings and combined expertise that joining Lennox will bring to our customers.
“Focus Scientific has a very capable and experienced team who have partnered with some of the leading global instrument manufacturers in the sector to combine their technical expertise with our own.”
Mike O’Connor, co-founder of Focus Scientific Solutions, added: “Our team provides advanced technical services and solutions working with Ireland’s leading biopharma, pharmaceutical and life sciences companies. Lennox’s ethos, expertise and experience will ensure we continue to deliver the highest level of personalised service.”
Lennox Holdings Ltd had an excellent pandemic, with turnover in 2020 of €40.5m compared with €13.5m the year before. Net profit came in €5.9m, and net worth advanced from €2.1m to €7.7m, including €5m in cash, at the December 2020 balance sheet date.
Focus Scientific Solutions also did well in 2020, booking a net profit of €490,000. The two company principals were rewarded with a €1m share buyback in 2019, and net worth in December 2020 was €2.9m, including €1.8m in cash.
Founded in Dublin in 1923, Lennox employs 50 people in Dublin and Cork. Core business streams include technical services, chemicals, consumables, single-use systems, equipment, and medical solutions.
Lennox’s clients include Allergan, Medtronic, Aerogen and Boston Scientific. In 2019, the company was named Laboratory Supplier of the Year at the Irish Laboratory Awards.
Focus Scientific Solutions was founded in 2007. Its base is Stamullen in Co. Meath where 14 people are employed. The company provides an extensive range of specialist analytical and general laboratory equipment, with a portfolio of products ranging from small laboratory apparatus to high tech R&D analytical test equipment.
Customers include Pfizer, Regeneron, Eli Lilly, Amgen, Janssen, MSD, Sanofi, Teva, Gilead, Takeda, GSK, Abbvie and BMS.
Barry Madden of Focus Capital advised on the acquisition.