The tender offer gives shareholders the opportunity to sell at a fixed price of £1.15 per share. Funding was drawn from SourceBio’s own cash resources, along with a loan of £4 million from Harwood Private Equity V LP and a term loan of £4 million from Barclays Bank, who will provide an additional £4 million revolving credit facility for working capital purposes. SourceBio is simultaneously seeking approval to delist from AIM.
Headquartered in Nottingham, SourceBio is a leading international provider of integrated state-of-the art services to clients in the healthcare, clinical, life science research and biopharma industries, including the NHS and private healthcare providers. The organisation has facilities in the UK, the US and Ireland and the UK, with expanded facility set to open in Cambridge and London at the end of 2022. SourceBio operates through three core business units: Healthcare Diagnostics, Genomics, and Stability Storage.
BDB Pitmans’ team on the tender offer was led by corporate partner Tessa Trevelyan Thomas with assistance from corporate colleague Rebecca Motchman. Corporate partner Philip Lamb dealt with the Barclays loan facility.
Simmons & Simmons acted for Barclays.
Jay LeCoque Executive Chairman at SourceBio, commented: “Acceleration of growth in all three business units is our key focus, in particular in Healthcare diagnostics where the continued shortage of pathologists and the huge backlog in elective surgeries continues to provide a substantial market opportunity for our services. . We are very grateful for the continued support and expertise of BDB Pitmans who worked tirelessly to bring this complex transaction to a timely and successful close.”
Partner Tessa Trevelyan Thomas concluded: “We are delighted to have advised existing client SourceBio on its tender offer and the cancellation of its listing on AIM. We look forward to the company’s continued success and growth as a private company.”
