Rockworth acted for the shareholders of ASI, providing vendor assistance in relation to valuation and consideration mechanics. Our work included a commercial and financial review of the Share Purchase Agreement and related financial data. This review focused on ensuring that working capital calculations and the completion accounts mechanism were appropriate and, crucially, did not lead to an erosion of value for the ASI shareholders.
ASI operates a bioanalysis laboratory in London, providing services including clinical trial bioanalysis, forensic toxicology and therapeutic drug monitoring. Forensic Access offers a broad range of investigation and analysis services in areas including digital forensics, neurology, ballistics, ecology and pathology. The acquisition of ASI will strengthen Forensic Access’s existing biology and toxicology capabilities.
The transaction was backed by Limerston Capital, a private equity firm. Limerston acquired Forensic Access in 2020, when they also acquired Axiom International, a provider of criminal justice consulting services. Axiom International and Forensic Access have been brought into a group under parent company AFA International, but both businesses continue to trade under their own brands. Limerston is pursuing a buy-and-build strategy in the sector, and ASI is the fourth bolt-on acquisition completed within the AFA International group.
ASI’s director and former co-owner Stewart Hollington said: “I would like to thank the Rockworth team for your excellent and urgent support in finalising our deal. I appreciate that it was all rather late in the process – but you never flinched once. Your ability to get up-to-speed so quickly with great intervention and solid guidance is a credit to your professionalism. I was particularly impressed with your patience in providing expert help at a time when our stress levels were running high. Calm reassurance was most welcome and exactly what we needed.”