Cozart

Next generation drug testing equipment

Cozart

Sector

Healthcare

Location

Oxford

Deal type

Growth Capital

Investment size

£1.4m - 4x return

Investment date(s)

2001, 2004 - 2007

Website

"YFM recognised the potential of our business to transform the drug testing market. As well as their investment, YFM introduced a non executive director, whose advice and support was extremely helpful to us as we rapidly scaled up the business."

Chris Hand, CEO of Cozart

The business

  • The developer of the world’s first hand-held device for testing saliva samples for drugs of abuse
  • A preferred supplier to the Home Office for use by the police, prisons and customers services
  • Operated in a growing international market

The strategy

  • Capitalise on the rapid market growth which was switching from urine to saliva-based testing
  • Implement a recurring revenue based model based on the sale of devices and consumables
  • Position the business for sale to a larger diagnostics company or an IPO

The developments

  • Achieved 400% sales growth over four years
  • Successful IPO with an initial market capitalisation of £27m
  • Fully realised via a sale to healthcare conglomerate, Concateno in a £64m deal
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