Advised Capita plc on the divestment of its 75% shareholding in Fera Science Ltd based on an EV for the joint venture of £80m
2023
Transaction Summary
Strata Partners is delighted to announce our latest TIC sector transaction, advising Capita plc (“Capita”) on the sale of its 75% shareholding in Fera Science Limited (“Fera”) to Bridgepoint Group plc (“Bridgepoint”) for an enterprise value of £60 million on a cash-free, debt-free basis. The deal values the total joint venture at £80 million.
Fera was established in 2015 as a joint venture between Capita and the UK Department for Environment, Food & Rural Affairs (“Defra”) to create a financially sustainable business focused on the agriculture, farming and food production market. It specialises in environmental testing, research, and advisory and assurance services for both the public and private sectors.
As part of the transaction, Defra is retaining its shareholding.
Commenting, Mark Sargeant, Partner at Strata Partners, said: “We were delighted to advise Capita on this complex transaction, our third landmark laboratory sector deal in 2023. The transaction realises significant value for our client and positions Fera for an exciting next stage in its development, building upon what is now a vibrant and profitable commercial business, serving private sector and government customers both in the UK and internationally.”