Investec Direct Lending bilaterally supports Limerston Capital with their acquisition of Source BioScience's Stability Storage business, Astoriom.

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Our role

Investec Direct Lending provided senior debt facilities on a bilateral basis to support Limerston Capital’s (“Limerston”) acquisition of Source BioScience’s Stability Storage business (now formally called Astoriom). Due to our long-standing relationship with Limerston, Investec was approached to provide financing to support the buyout,  where we were able to deliver an attractive financing solution in a short time frame. This deal marks Investec Direct Lending’s third with Limerston who we are pleased to be able to support again with this transaction.

 

About Astoriom

Headquartered in Rochdale (UK), Astoriom offers storage, manufacturing and service and validation for pharmaceutical and biotechnology companies, contract manufacturers and analytical testing companies across the globe, with a strong presence across the UK, Ireland and the USA. Astoriom’s core service line is outsourced temperature and humidity-controlled environment storage services for stability trials, retained samples and long-term storage of biologic samples. This is an essential part of the drug development process allowing new products to be evaluated under a variety of critically controlled conditions. The carve out from Source Bioscience will allow the company to focus on biorepository as its core growth area, expanding its footprint within high-value pharmaceutical and biologic markets with a buy-and-build growth strategy in the US and European markets.

 

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.