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£12.2million takeover of Vindon Healthcare plc

7th August 2013


Zeus Capital, the corporate finance advisory firm, has advised Vindon Healthcare Plc on its £12.2 million takeover by Source Bioscience plc.  The offer per share was 13.7p which represented a premium of 44.2% from the closing middle price of 9.5p on July 15 2013, the day before talks were announced.

Rochdale based Vindon Healthcare, is regarded as a leader in the provision of environmentally controlled storage services and equipment for the pharmaceutical and healthcare sectors. Vindon provides controlled environment services and products to the pharmaceutical, life sciences and heritage sectors in the UK, Ireland, Europe and North America. Vindon currently operates from four sites, comprising its headquarters in the UK and operations in Ireland and in the US (Atlanta and Southern California).

Source BioScience, which is listed on the Main Market of the London Stock Exchange, is an international diagnostic and genetic analysis services business providing complementary products and services to its customers through its Healthcare and LifeSciences divisions.

The Source BioScience Board considers Vindon to be an excellent strategic fit with Source BioScience and believes that the proposed acquisition of Vindon will provide a number of commercial, operational and financial benefits for the Enlarged Group.

Zeus Capital acted as financial adviser and was led out of its Manchester office. Andrew Jones, Nick Cowles and Jamie Peel provided corporate finance advice.

Andrew Jones, Director of Corporate Finance at Zeus Capital, commented;
“We are delighted to have advised Vindon Healthcare on the offer from Source BioScience. Zeus Capital has worked with Vindon Healthcare for a number of years and we wish them the best going forwards as they build on their success with Source Bioscience.”