Archangel sells Vitrology

Investment syndicate Archangels has finalised a deal with a Swiss buyer to acquire Glasgow-based biotech contract testing company Vitrology.

The deal will see Vitrology become part of SGS, which operates a network of more than 1,350 offices and laboratories around the world and specialises in testing and verification services. Founded in 2007, Vitrology has 38 employees and revenues last year were more than £3 million.

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Archangels’ has been the principal backer of the company and has invested £1.2m since 2007.

John Waddell, chief executive of Archangels, said the deal demonstrated the “capability that the biotech industry in Scotland has in attracting global attention and in turn investment”.

Margaret Temple, Vitrology’s chief executive, said the company would benefit from the scale and resource available through the SGS network. Vitrology’s other backers included the Scottish Co-Investment Fund.