Seven-figure purchase underlines ambitions to be a global leader
UK-based medical device and pharmaceuticals testing group, Cormica, has completed the seven-figure purchase of TPM Laboratories (TPM) in New Jersey. Cormica, which is backed by Limerston Capital, a UK mid-market private equity investment firm, is focused on strategically expanding its capabilities across the US and Europe.
TPM is an independent contract testing laboratory. The business delivers analytical services to the pharmaceutical and chemical industries, including analytical research and development, quality control and stability storage and testing services.
Founded by Rupa Iyer in 2001, TPM operates from a state-of-the-art facility, spanning 8,000 square feet of office and laboratory space with capability to handle anti-cancer products.
As part of the acquisition, Rupa Iyer will continue to lead her team in the US with wider support from Cormica to develop the business. The deal will allow TPM to harness Cormica’s expertise and broad service line offering to grow organically, helping it to reach its full potential.
Cormica (formerly known as WMP Group) is a medical device, combination product and pharmaceutical testing group enabling life science manufacturers and innovators to launch their products more quickly, more safely and to more markets.
Mark Hammond
CEO
CEO of Cormica and its group laboratories
Mark Hammond, Cormica Group CEO, said: “The acquisition marks a milestone moment for Cormica and clearly demonstrates our ambitions to grow our international footprint and increase our market share in a highly competitive market.
“TPM boasts a highly skilled laboratory team with extensive pharmaceutical experience which has helped it to build a strong reputation for excellence. We are looking forward to working with Rupa and her team as we explore how we can help support the expansion of the business and use it to further our aims in the US, both organically and via further acquisitions.”
Rupa Iyer, President of TPM Laboratories, commented: “I am proud of the success TPM has had to-date, but I also recognise that the business has the ability to scale-up. Cormica has a compelling offer, driven by people who understand the industry and how to create opportunities. This marks a new chapter in our story, and we are keen to work more closely with our colleagues in the UK and Europe.”
Jane Grewar, Senior Operating Partner, Limerston Capital, added: “The first cornerstone of Cormica was established just over two years ago, with the acquisition of Wickham Micro, shortly followed by Medical Engineering Technologies and most recently a carve-out and integration of the analytical laboratory Cormica Bradford.
“This most recent acquisition further underlines our proactive approach to expansion and we will continue to invest to grow the group and are proactively working on further acquisitions in Continental Europe and in North America.”
Jane Grewar
Chairman
Partner of Healthcare & Lifesciences at Limerston Capital
For more information, please contact Kat Wallace kathleen.wallace@bigpartnership.co.uk or +44 (0)7710 700 337.
About Limerston Capital
Founded in 2015 by James Paget, João Rosa and Martim Avillez, London based Limerston Capital pursues control investments in UK mid-market companies and seeks to create value through the firm’s buy-and-build and operationally focused model. The firm targets businesses with EBITDA of between £5 million and £15 million that have a solid value proposition, but have potential for operational improvements, have mispriced underlying returns on capital and provide opportunities for strategic repositioning via consolidation.
About Cormica
Cormica Group (formerly known as WMP Group) is a medical device and pharmaceuticals testing group enabling life science manufacturers and innovators to launch their products more quickly, more safely and to more markets. Limerston Capital LLP acquired Wickham Microbiology Ltd in September 2021 and Medical Engineering Technologies in May 2022, forming Cormica Group as the collective Group operates as today.