Pharmaceutical services company Biotec Services International has been acquired in a management buy-out.

Pharmaceutical services company Biotec Services International has been acquired in a management buy-out.

Founder Marc Weinzweig has sold the business, based in South Wales, to the management team for an undisclosed sum. Chief executive officer, Keren Winmill, led the deal, which has the backing of Finance Wales, the investment arm of the Welsh government. The buy-out is part of a long-term strategy to grow the company to a £10 million turnover business by 2012, according to Finance Wales.

Weinzweig founded Biotec in 1997. The business has grown from a provider of transport for biological and pharmaceutical products to a clinical trials management service for the pharmaceutical and biopharmaceutical industries.

Winmill, who was appointed CEO last year, comments: ‘We have had a very successful three years, but we’re not resting on our laurels. We have already initiated ambitious plans to develop our team, facilities and scope of services.’