They had the connections
Bourn Hall management team secures buy-out from Serono
Bourn Hall Limited announced today that ownership of Bourn Hall Clinic and LCG Bioscience has transferred from its parent company, Serono, to the existing management team through an amicable management buy-out (MBO) in a multi-million pound deal. All Bourn Hall Ltd contractual agreements remain unaffected as a result of this MBO and this includes continuity of service for employees.
Bourn Hall Limited, Bourn, Cambridge, trades as ‘Bourn Hall Clinic’, the world’s first in-vitro fertilisation clinic, and as ‘LCG Bioscience’, offering clinical research and development services to the biotechnology and pharmaceutical industry. Bourn Hall, the world’s first “test-tube baby” clinic, will expand its assisted conception services to private patients and the NHS seeking to re-define the partnership with Primary Care Trusts to bring high quality fertility services to NHS patients.
Bourn Hall is dedicated to providing the highest quality of fertility treatment and is committed to continuing its pioneering research in embryo development, implantation and embryonic stem cell lines. LCG Bioscience provides exploratory early phase human clinical development services for the pharmaceutical and biotechnology industries. Working for a wide cross-section of organisations, over 80% of its revenue is generated from repeat business. Serono will continue to use LCG as a preferred supplier for its early stage clinical research. LCG is also a preferred supplier to three of the top ten blue-chip pharmaceutical companies and has confirmed orders in excess of £12 million. LCG Bioscience plans to bring its unique and successful service offering to a wider range of clients.
“This agreement represents an exciting opportunity for the committed management team at Bourn Hall to focus on the organisation’s core strengths and develop or extend these further,” comments Mike Macnamee, Chief Executive of Bourn Hall Limited. “Our people have a unique understanding of the requirements of our patients, partners and customers and we believe that being an independent company gives us the flexibility to further expand, improve and enhance our service delivery.” The deal enables the dedicated management team, all of whom have held senior positions at the organisation for over 10 years, to shape the future growth and development of this internationally renowned company.
Led by Mike Macnamee, BSc, MSc, PhD, Chief Executive, the management team comprises Simon Barton ACMA, Finance Director; Nicola Graver FCIPD, Human Resources Director, Lisa Gibbons RGN, Clinical Research Director and Dawn Wilkerson, IT and Core Services Director. Mike Macnamee goes on to say, "Everyone involved willingly went the extra yard, often late into the night, to secure a great deal. The insight and support of Lake and Tony (PEM Corporate Finance), Tom, Neil and Peter (Mills & Reeve) was invaluable, as was the dynamism of Nick (Barclays). It was a great team effort which made the experience exceptional. " The MBO deal – which took just 6 weeks from outline agreement to completion – was financed by the Bourn Hall Management team and Barclays Bank, with the support of PEM Corporate Finance LLP and Mills & Reeve.
Lake Falconer, Partner at PEM Corporate Finance LLP says, “We were delighted to be Lead Advisers to the transaction, working closely with Mike and his team from the outset to completion, and to have successfully concluded the deal to such a tight timetable."
