Complete Laboratory Solutions, one of the most successful female-led SMEs in the west of Ireland, has brought Phenna Group in Nottingham on board as a shareholder.
Established in 1994 in Galway, CLS is the largest privately owned contract laboratory in Ireland, providing microbiological and chemical testing services. The company also provides trained industry-ready laboratory analysts to clients on a contract basis.
CLS has facilities in Galway City and Rosmuc and a third facility recently opened in Bray.
Complete Laboratory Solutions founder and owner Evelyn O’Toole (54) established the laboratory testing business in 1994.
The company carried out food testing for clients such as Supermacs and Topaz, with a fleet of vans collecting samples daily to check that the ready-to-go food was free of bugs.
In Association with
A second arm to the business is testing water, wastewater and seawater, with a strong niche in testing water for hydrocarbon contamination.
The second laboratory, CLS MedPharma in Galway city, has a focus on analytical and microbiological testing for medical device and pharmaceutical firms.
Operating company Saotharlann Chonamara Teo recorded an operating profit of €1.3m in 2020 on turnover of €12.2m, and net cash from operating activities was €920,000.
In 2017, O’Toole was the winner in the Industry category at the EY Entrepreneur of the Year awards.
O’Toole said she is excited for CLS to be joining Phenna Group.
“Our business has grown well over the last 28 years and we have huge potential to expand our services and geographical presence,” she stated.
“Securing a partner like Phenna Group, who understands our business model and culture, was critical in our decision making process.
“Phenna is a high performing company, showing rapid growth and I am confident that our partnership will deliver world leading solutions to our clients in the coming years.”
Phenna Group invests and partners with businesses that focus on Testing, Inspection, Certification and Compliance (TICC). Based in Nottingham, Phenna’s turnover in 2019 was £39m.
Paul Barry, Group CEO of Phenna Group, stated: “I am very pleased that Evelyn and her team have chosen to partner with Phenna Group. CLS is a superior business with a fantastic reputation in the marketplace.
“This announcement represents our first deal in the food and life sciences market and I’m hugely excited at the potential this platform gives us, as we continue to expand our group.”
Phenna Group has effected eight acquisitions since January 2022 and in March the company tied down £100m debt funding from Arcmont Asset Management.
Arcmont is a leading Private Debt asset management firm, providing flexible capital solutions to a wide range of businesses across Europe.
With offices in London, Paris, Munich, Madrid, Milan, Stockholm, Luxembourg and New York, the firm manages over €20bn of assets on behalf of a broad range of international institutional investors.
According to Renatus, CLS was advised on the Phenna transaction by an IBI Corporate Finance team consisting of Raymond Donegan, Sarah Grouse and Ailbhe Doyle. Stephen Walker and Melissa Regan at Holmes provided legal counsel.
Photo: Evelyn O'Toole with her EY entrepreneur award
