Nottingham-headquartered Phenna Group has made its fifth acquisition of 2023 with Cansford Laboratories, cementing a strong start to the year whilst augmenting its rapidly developing Health Sciences platform and adding complementary services to existing offerings.
Phenna aims to invest in and partner with selected niche, independent Testing, Inspection, Certification and Compliance (TICC) companies that serve a variety of sectors, ensuring customers’ peace of mind by delivering first class assurance & consultancy services.
Formed in 2010 and accredited to ISO 17025:2017, Cansford Laboratories has established its position as a fast, reliable, and innovative leader in high quality drug, alcohol, and steroid testing. Its founders pioneered hair testing more than 30 years ago, dedicating their careers since to improving and expanding the possibilities of drug and alcohol testing. Today, its methods are used by laboratories across the globe.
From a base in Cardiff, it offers a UK-wide testing service for individuals and organisations in family law, social care, criminal law, education, and the workplace. Cansford’s team of experts offer hair, oral fluid, nail, and dry blood spot testing with related services including collection and expert witness support.
John Wicks, CEO of Cansford Laboratories, said: “We are thrilled to be partnering with Phenna Group. Having been through acquisition processes in the past, I fully appreciate how challenging they can be. Since first meeting Paul and his team, they acted very professionally, ensuring a smooth and commercially focused process.
“Our interactions have been very straight forward, and I’m convinced that Phenna will provide exactly the support we need to help us deliver our exciting future growth plans. Cansford Laboratory have a great team culture and securing a partner that valued that was paramount in our decision making. I look forward to working with the Phenna Group team into the future.”
Paul Barry, Group CEO of Phenna Group, said: “Cansford Laboratories is a business that we’ve admired for a while, and I’m absolutely delighted that John and Lolita have decided to partner with us. From our early engagements, it was very obvious our values and cultures aligned and that together, we could continue to build on their already impressive track record.
“This deal augments our developing health sciences division and I look forward to welcoming their talented team into our Group and to working with them all, to deliver continued success for the business.”
Phenna Group were advised by RSM and Avonhurst. Cansford Laboratories were advised by Lexington Corporate Finance and Berry Smith LLP.
Thomas Edwards, a director at Lexington Corporate Finance, said: “It came as no surprise to us that there was significant interest in Cansford from both trade and private equity buyers, considering the organisation’s impressive reputation as a leader in high quality drug, alcohol, and steroid testing.
“The business has scaled up considerably since its formation in 2010, thanks to the leadership of John Wicks and Lolita Tsanaclis, so it needed a buyer that matched this ambition. From working with Cansford it became clear that Phenna was the ideal fit.
“This transaction builds on Lexington’s strong credentials in the healthcare and TICC sectors, increasing the total value of deals Lexington has advised on in 2023 to almost £150 million.”
