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LDC backs Biozone to ‘light up’ overseas growth

2 Jun 2021

Leading mid-market private equity firm LDC has backed the management buyout (MBO) of BioZone Scientific – a global manufacturer of ultraviolet technology – to support its international expansion.

BioZone is one of the leading developers of commercial-grade UV lighting solutions used in disinfection, sanitation and purification systems. Founded over 25 years ago, the company has operations in five countries covering the UK, Europe, Asia-Pacific and North America. Its clients include multinational leisure and transport businesses.

With LDC’s backing, the business now plans to accelerate sales in the US, open new in-country offices in other key territories and invest in the development of next-generation products.

LDC, which has a long track record of supporting specialist manufacturing companies to expand internationally, is backing Director Paul Morris, who becomes CEO as part of the transaction. Mark Huxtable, former CEO of ventilation solutions group Nuaire, and industry expert Kevin Sargeant, will join as Non-Executive Chairman and Non-Executive Director respectively.

The investment was led by LDC Investment Directors John Green and Matt Newbold. John and Matt will both join the board as part of the transaction.

Paul Morris, CEO of BioZone Scientific, said: “For decades, BioZone’s UV light technology has been helping to improve the quality and safety of domestic and commercial spaces all over the world through better disinfection, sanitation and purification.”

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Now, with LDC on board, we’ll be able to bring our solutions to more markets across the globe, in particular the US. We’ll also be investing further in our R&D function to make sure our products and components remain truly market leading. This is the start of an exciting journey for the whole team, the business and our customers.”
Paul Morris, CEO
BioZone Scientific

He added: “LDC quickly understood the potential of our technology but also the challenges in scaling a business like ours. The fact they’ve supported so many other specialist manufacturers to achieve their goals gave us confidence that they were the right partner for growth.”

John Green, Investment Director at LDC, said: “BioZone is a genuinely world-class business that lacks the scale it deserves. Working closely with the management team and our non-executives, we’re looking forward to helping Paul accelerate take-up of its category-leading products in its chosen markets.”

LDC was advised by Provantage (corporate finance), KPMG (financial due diligence), Armstrong Transaction Services (commercial due diligence) and Browne Jacobson (legals).

The financial terms of the transaction are undisclosed.