This business, established in 2011, provides water-testing kits to customers across healthcare, care, hospitality etc sectors. The actual testing is carried out by a 3rd party laboratory. This was a retirement sale. At the time of the sale the business was already growing strongly (an average of over 50% sales growth year on year over the prior 3 years) but there were a number of clear opportunities for accelerating growth further.
Occasionally 'lightning strikes twice' and this was one of those instances when it was the 3rd time at Heads of Terms before the deal completed.
The deal failed twice for reasons beyond our control. However, as the time to completion suggests, there was strong demand for the business and, in the end, the business was performing so strongly that we were able to raise the Guide Price and the vendors received a higher price 3rd time around!