PRINT THIS PAGE Candover nearing £240m acquisition of lab testing firm Alcontrol15/11/2004. Source: AltAssets. 
 European buy-out group Candover is close to agreeing the secondary buy-out of lab testing services firm Alcontrol from rival group Bridgepoint in a deal worth £240m.
Candover has reportedly exchanged contracts with Bridgepoint and a formal announcement is expected later this week, according to the Financial Times.
Bridgepoint bought Alcontrol for £70m from Kelda in 2000 and has been able to grow it rapidly ever since. The sale will provide the firm with a return of about five times its initial investment, notching up its twelfth exit of the year and providing another strong boost to its ambitions to raise a new fund next year.
Candover is also expected to begin raising a new fund shortly. This acquisition will mean its current E2.7bn fund is more than 75 per cent invested.
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