UK small cap investor NVM Private Equity has sold Pivotal Laboratories, a provider of laboratory support for clinical trials, in an exit which has generated a 2.2x return and an IRR of 27%.
York-based Pivotal has been acquired by ACM, a North American clinical laboratory.
The sale marks the end of an investment which began when NVM backed a management buyout in August 2005.
The business specialises in analytical services for pharmaceutical and biotech companies involved in human testing.
This is NVM’s second exit in the last six months. The London-based firm sold street lighting business Stainton Metal Company in November 2008, generating a 2.6x return and an IRR of 17.3%.