Palatine-backed Lucion Services acquires Askams
Lucion is a multidisciplinary risk management group focused on hazardous materials, with a market-leading presence in the compliance market. Headquartered in Gateshead and operating nationally, the group works with its clients to achieve full compliance with UK occupational safety and environmental regulations.
Founded in 2006 by Stewart McNicholl, Askams has grown to provide national clients with a full range of UKAS accredited asbestos management services including asbestos surveying, testing, analytical services, as well as UKATA asbestos awareness training. The deal – funded by Palatine Private Equity, together with a debt funding package provided by HSBC – provides an exit for the founder shareholders, including Stewart, who will leave his role as Managing Director after 12 years.
The acquisition of Askams marks the first following Lucion’s investment by Palatine in May 2019, evidencing the rapid execution of the strategic growth plan, the team has put in place. The addition of Askams – complete with six offices across the country and 69 asbestos specialists – will allow Lucion to provide clients with quicker access to asbestos services, while also introducing new specialisms through the Askams Nuclear Active lab in Warrington.
James Winterbottom, Investment Director at Palatine said: “The speed at which this deal was completed demonstrates the confidence Palatine and the Lucion team have behind our buy and build strategy. The company has shown its ambition to grow rapidly, and we are more than happy to provide support and funding to enable this expansion. The addition of Askams will consolidate Lucion’s role as market leader whilst widening its range of services, and we look forward to supporting more acquisitions as it looks to strengthen its position in the market further.”