Penn is a leading outsourced pharmaceutical services provider, offering a full range of services across the research and development lifecycle of a new drug.
In April 2007, LDC invested £33million for a significant majority stake in the business. Since the deal, management and LDC have been focused on increasing Penn’s manufacturing capacity, expanding its international profile and maximising cross-selling opportunities within the business.
This growth strategy has driven a 40 per cent increase in sales and created 43 new roles, more than three quarters of which are technical positions, attracting specialist skilled individuals to the region.
Penn, which now employs 230 people, is set to continue expanding after opening a US office and further boosting its clinical trial supply and storage and distribution services by completing a 75,000 sq ft extension to its temperature controlled facilities.
Steve Carle, Director at LDC, said: “The past 12 months has seen Penn successfully build on its strong position in the growing outsourcing market and this is reflected in its impressive trading performance and the creation of so many new roles.
“We’ve worked closely with the firm’s highly skilled and motivated management team to deliver a strategy which will continue to provide new opportunities for expansion and job creation over the next year.
“Penn is a great example of how private equity investment can help quickly build value in a business which ultimately benefits all stakeholders, from shareholders to new employees.”
LDC Notes to Editors:
LDC (Lloyds TSB Development Capital) is part of the Lloyds Banking Group and is authorised and regulated by the Financial Services Authority. LDC has, since 1981, completed over 400 investments, has ongoing interests in over 60 businesses across the UK. LDC back ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions. LDC invests in a broad range of sectors and has particular experience in financial services, healthcare, industrials, IT & software, leisure & media, retail & consumer, and support services.