• Sector: Healthcare
  • Year of investment: 2007
  • Acquisition value: £18 million
  • Year of sale: 2015
  • Realised value: £83 million
  • Website:

Lyceum Capital supported us through a period of exponential growth which has seen us become a truly global business.

Christophe Berthoux, CEO of Synexus


Synexus recruits and treats patients in clinical trials, supporting late-stage drug research. With Lyceum’s support it grew to become one of the largest clinical trial research site groups in the world and operates from 24 sites in eight countries.

Having increased its contracted order book by more than £125m to over £140m from 2011 to 2014, Synexus has grown revenues over the same period from £17m in FY11 to £41m in FY14. EBITDA reached £7.8m in FY14, up 95% on FY12, with a further increase expected in FY15. This performance has led to Synexus being recognised by GrowthAccelerator, the UK Government’s business growth advisory service, as a ‘hyper-growth’ business.


Regulatory drivers and a focus on efficiency throughout the drug development process has created demand for cost-effective pharmaceutical trials, which can reach out to many patients quickly and deliver consistent, high-quality clinical outcomes.


In order to build a global, market-leading business, we developed a strategy with management that focussed on:

  • Investing in resources, infrastructure and IT to increase scalability and improve operations
  • Accelerating sales growth by entering new therapy areas
  • Leveraging increased scale, expertise and geographical reach to deepen relationships with customers
  • Completing add-on acquisitions and developing a detailed programme for further consolidation

“The company’s excellent progress is directly related to putting in place a team and operational structure with expanded best-in-class capacity that deliver for clients and the business alike.” Andrew Aylwin, Partner at Lyceum Capital and former board member at Synexus


With our support Synexus:

  • Had revenue compound annual growth rate of 23% and EBITDA compound annual growth rate of 26%
  • Grown its forward order book to over £140m
  • Built and expanded its presence in Eastern Europe
  • Strengthened its senior management team with a number of new appointments