Britannia Life Sciences Inc. has secured investment from the alternative lender BOOST&Co to fund an additional 10% stake in Advanced Development and Safety Laboratories, a leading provider of compliance, testing and analytical services within the cosmetics and household goods industry. This investment will see Britannia’s interest in ADSL grow to 70%.
Britannia is a global platform offering an integrated suite of services to assist companies along their product development journey. These services, including product formulations, safety assessments, analytical and microbiological testing, global compliance and consumer evaluations are provided to businesses ranging from multinationals to startups – particularly in the cosmetics, food and wellness industries.
Britannia has garnered significant expertise in the development and regulatory approval of topical and edible cannabis products, including preparation and support for novel food authorisations.
Alongside the increased stake in ADSL, the investment marks a new stage of growth for Britannia, providing the organisation with a significant launchpad for future organic and acquisitive growth.
BOOST&Co was attracted to working with Britannia because of the firm’s disruptive approach to the traditional analytical testing and laboratory sector, leveraging innovative technology to expand into new markets. The business also has ambitious and exciting growth plans, making the deal an attractive investment for the lender.
Commenting on the investment, Peter Shippen, the Chief Executive at Britannia Life Sciences says: “We’re tremendously pleased to complete this financing, which enables us to consolidate our ownership in ADSL.
“The funding from BOOST&Co is an important milestone which strengthens the foundation for our continued growth and we look forward to a strong ongoing relationship with the BOOST&Co team.
Matt Vincent, the principal at BOOST&Co says: “We are delighted to be working with Peter and the Britannia team on a transaction that will see the firm continue to invest in and develop a fantastic UK business in ADSL.
“Supporting the management team with a debut external debt issuance demonstrates not only the excellent progress that the business has made, but also BOOST&Co’s appetite to support fast growing businesses with a high-quality management team.”
BOOST&Co. were advised by Shakespeare Martineau and Miller Thompson (Legal), and Azets (FDD). Britannia were advised by Regent Assay Limited, Gowling WLG (UK) and Bennett Jones LLP (Toronto).