Cormica Group
Building a leading medical device testing platform that enables innovators and OEMs to develop and deliver critical devices to patients safely and rapidly, all to regulatory standards.
Sector
Healthcare
Date acquired
July 2021
Deal type
Private sale, Asset purchase & carve out
Website
Status
Unrealised
Location
Portsmouth, UK
Overview
Cormica Group, (previously known as WMP Group) provides testing services to the medical devices industry. Its clients range from blue chip/top 10 device manufacturers to smaller innovators with teams of 100 or less. We are partnering with CEO, Mark Hammond, to build a global platform providing unparalleled service levels in terms of technical quality, turnaround times and client service. The first cornerstones of the Group are Wickham Micro and MET, leaders in the UK in microbiology and physical testing respectively. Wickham, with its 60 years of heritage is the longest established micro lab in the UK, and MET has built its leading position in physical testing over the past 25 years. Between them their clients recognise their industry-leading technical expertise, along with high service levels and support on crucial applications to respective regulators.
Limerston initially engaged with Wickham, the first investment in the platform, in 2018. Engagement with MET followed in 2019, and after an extensive search persuaded Mark Hammond, Group CEO, to join. In 2021 we structured a carve out of Wickham’s microbiology business to create the Group, followed by the acquisition of MET.
We aim to invest in additional leading facilities in Europe and the US, partnering with them to support their growth and integrate them into the Group, improving client experience by enabling them to launch products quickly, safely and to more jurisdictions.
What we are doing
As can sometimes happen when a founder steps back, Wickham had been under-invested in for some years prior to our investment, so we have commenced a series of initiatives to reduce carbon footprint as well as improve throughput and turn-around times, which are crucial for our clients.
Similar to the support provided at Village Bakery, our technology Operating Partner is working onsite to improve the resilience of core operating systems in preparation for the upgrade and integration of the company's LIMS and finance systems, as well as the re-platforming of the company website. In parallel, he is supporting the recruitment and development of key personnel to sustain the team moving forwards.
Last but not least, we have invested in core commercial roles as well as building out Mark’s senior team, both through developing talent in the businesses as well as recruiting externally.
60
Years - established in 1962
>200
Clients supported every year
10% p.a.
Established market growth