Precision instruments maker Spectris plc said it completed the acquisition of Manchester-based Concept Life Sciences from Equistone Partners Europe and company management for about £163 million.

Concept Life Sciences employs more than 700 full time employees, including more than 500 highly-skilled, experienced scientists working in 11 state-of-the-art laboratories.

Concept Life Sciences provides integrated drug discovery, development, analytical testing and environmental consultancy services to an international customer base, mainly in the pharmaceutical, biotechnology, agrochemical and environmental sectors.

It also carries out development and analytical services for the food, consumer and environmental industries.

Concept Life Sciences executive chairman Michael Fort said: “Concept was positioning for a sale in late 2018/early 2019, and we are therefore delighted that our success has been recognised by Spectris, leading to an earlier than planned acquisition.

“The global footprint of Spectris along with their expertise in complementary activities and experienced management team offers the infrastructure to support Concept’s ambitions for international growth.

“We are very excited to begin working together.”

Spectris CEO John O’Higgins said: “Concept Life Sciences is a high-quality services business which further strengthens our portfolio and enhances our ability to provide customers within the pharmaceutical, life sciences and advanced materials sectors with a combined product and service proposition.”