Acquistion of HFL from Quotient Bioresearch by LGC
On the 23rd December 2010 Quotient Bioresearch sold half its business (HFL) to LGC. Although it was a core business at the group’s formation in 2007, over time the HFL business had become a relatively small part of Quotient’s total business portfolio. Although within Quotient there remained considerable appreciation and awareness of what the Medication and Doping Control and the Sports Supplements businesses were all about it was becoming more evident that their growth strategy was focused around all aspects of bio-analysis. The acquisition of HFL by LGC in 2010 again meant that the business was part of a much larger and diverse organisation. Furthermore, HFL’s culture, which was widely recognised as being central to its commercial success, was pitched into the seemingly less well defined culture of the LGC group.
When it was announced that LGC were acquiring HFL concerns initially shifted to the future of the laboratories in Fordham (based on LGC having other facilities around the UK), however, communication was good and helped dismiss initial concerns.
What went well:
HFL was welcomed into LGC with enthusiasm and from the outset it was apparent that its businesses were much better aligned and synergistic with those of the LGC group. Being a key part of the newly formed Heath Sciences division provides a solid base and clear purpose, and plans for growth are evident. Therefore from the outset there has been a strong sense of being valued and being part of something for the long haul. It was comforting in the fact that rumours had suggested that Quotient Bioresearch were struggling financially, so the change to LGC (after the initial questions of ‘what will happen to us’)? meant that there was a greater sense of job security. There are now new/more opportunities and a more financially stable parent company. The fact HFL was able to maintain its culture and brand and continue the majority of its procedures without interference. LGC understood what made us unique and allowed us to continue doing the things we do well, i.e. the coaching program, cake day (team bonding) etc.
Another positive aspect of the acquisition at a local level has been the team moral at Fordham. The relocation of both the office and laboratories has bought both Fordham teams much closer together, resulting in improved communication and team working across both departments. The change in ownership has also allowed us to re-evaluate many of the core behaviours which were adopted under HFL.
It is great being involved with a new business joining the group as you are in a unique position of seeing things that they do differently and how it adds value. At the same time you can offer new support to colleagues joining LGC. It is important to keep listening to what the business needs and can cope with especially for small businesses.
What could have been improved:
The main areas for improvement would be in communication. Getting…