Cormica Announces Seven-Figure Acquisition of TPM Laboratories

Cormica, a UK-based medical device and pharmaceuticals testing group, announced on May 1, 2024 that it has completed its seven-figure acquisition of TPM Laboratories (TPM), an independent contract testing laboratory based in New Jersey. Cormica is backed by Limerston Capital, a UK mid-market private equity investment firm, and is focused on expansion across the United States and Europe. According to Cormica (1), the deal is intended to use Cormica’s expertise and broad service line to help TPM grow organically and reach its full potential.

TPM provides analytical services to the pharmaceutical and chemical industries, such as quality control, research and development, and stability storage and testing services. Its facility is 8000 sq ft of office and laboratory space and can handle anti-cancer products. Rupa Iyer, president and founder of TPM, will continue to lead TPM’s US team with support from Cormica.

“The acquisition marks a milestone moment for Cormica and clearly demonstrates our ambitions to grow our international footprint and increase our market share in a highly competitive market,” said Mark Hammond, Cormica Group CEO in a press release (1). “TPM boasts a highly skilled laboratory team with extensive pharmaceutical experience which has helped it to build a strong reputation for excellence. We are looking forward to working with Rupa and her team as we explore how we can help support the expansion of the business and use it to further our aims in the US, both organically and via further acquisitions.”

“I am proud of the success TPM has had to-date, but I also recognise that the business has the ability to scale-up,” Iyer added. “Cormica has a compelling offer, driven by people who understand the industry and how to create opportunities. This marks a new chapter in our story, and we are keen to work more closely with our colleagues in the UK and Europe.”

Cormica recently expanded its own testing facilities in January 2024, with an expansion to its Cormica Bradford division. The expansion added two Agilent 1260 Infinity II LCs (liquid chromatography) to the company’s suite of high-performance liquid chromatography instruments. Cormica also upgraded its particle size distribution analysis capabilities with the Microtrac S3500 Laser Diffraction power spectral density instrument, which was equipped with both wet and dry dispersers, joining the company’s range of particle size analyzers. Finally, the company added the Copley JVT100i Tapped Density Tester to bolster its powder density testing capabilities.

In a press release on the expansion, Caroline German, technical director at Cormica, said, “By expanding our equipment range and updating our capabilities, we’re not just enhancing our capacity; we’re aligning more closely with our clients’ hardware and methodologies. This streamlines the method development, validation, and transfer process, allowing for more efficient and seamless service delivery.”

References

1. Cormica. Limerston Capital Backed Cormica Announces First US Acquisition With New Jersey Based TPM Laboratories. Press Release, May 1, 2024.
2. Cormica. Cormica Bradford Expands Testing Capabilities with State-of-the-Art Equipment. Press Release, Jan. 12, 2024.