Waterland has scored a 3.7x return selling its stake in Cawood Scientific to trade buyer Ensign-Bickford Industries – the second quick private equity exit of the business in two years.
The deal also marks the first realisation from Waterland’s UK office since it opened in 2017, and the first exit from its €2bn Waterland Private Equity Fund VII.
Cawood was previously owned by buyout house Inflexion following a 2017 buyout, with the firm scoring an almost 3x return through a sale to Waterland in 2019.
The company specialises in providing independent laboratory analysis for the agriculture, food, infrastructure and environmental sectors.
It also offers contract research to support the development of agrochemicals, biocides, and other chemicals, as well as measurement and monitoring services for water, construction and ecology across the UK.
During Waterland’s ownership Cawood sealed four add-on acquisitions, doubling the company’s size.
Oli Bevan, managing director and head of UK at Waterland, said, “Cawood has been a tremendous investment for us, and is a perfect example of how our strategy of supporting a targeted M&A programme can create a market-leading business poised for further international growth.
“Waterland is enhancing its commitment to the UK market and its aim of supporting high-potential, high-quality companies, like Cawood, with their ambitions for growth, internationalisation, and strategic development.”
Waterland secured €2.5bn for the hard cap final close of its eighth flagship fund last December after a rapid fundraise that saw it in the market for just three months.
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