28th July 2022
Specialist corporate lawyers at Walker Morris have advised the shareholders of YorkTest Laboratories on a £10m investment by NVM Private Equity.
YorkTest has more than 40 years of expertise in food intolerance and allergy testing. The business has also recently diversified into the US.
The investment from NVM will allow the business to expand its current product range, targeting the launch of ten new home health tests this financial year. It also plans to invest in more laboratory equipment and continue its expansion into new markets.
As part of the transaction, Richard Millman will join the board as non-executive chair. Millman is the former managing director of a PC World group business, and former chief executive of Total Fitness, the PE-backed gym chain.
John Hamer and Amy Walton from the Corporate Team at Walker Morris provided legal advice to the shareholders of YorkTest.
Richard Dawson, chief executive at YorkTest, said:
“We are delighted to welcome Richard and NVM as investors in YorkTest. YorkTest is well positioned to replicate our success in the UK food intolerance and allergy testing market in the US, having recently launched our new US ecommerce platform.
“At the same time, we remain the UK market leaders in food intolerance and allergy testing, whilst investing to expand our wider range of home-to-laboratory blood tests in the UK. We look forward to working with both Richard and NVM to implement our ambitious growth plans.”
John Hamer, Corporate Partner, added:
“We are delighted to advise the shareholders of YorkTest on this successful investment from NVM Private Equity. The new investment will allow YorkTest to pursue its future growth strategy and I’m sure the team will be successful.”