IBB Law recently advised the shareholders of Lifecast Body Simulation Limited (Lifecast) on the sale of Lifecast to UK 3B Scientific Limited (3B Scientific). The IBB team consisted of Adam Dowdney, Partner, Tim Cargill, Legal Director and Fiona Kelleher, Solicitor in the Corporate & Commercial Team, Richard Devall, Partner in the Employment Team, and Katherine Bereza, Associate in the Commercial Property Team.
Lifecast, based in Elstree Film Studios, has developed a range of highly accurate and lifelike medical manikins for medical training purposes. The range includes babies (term and pre-term), toddlers, children and adults of varying ages. The manikins are produced in a range of ethnicities that reflect the real world. Most recently the team have copied a little girl who has Down Syndrome (Gwen) and have turned her into an advanced life support manikin.
3B Scientific is a leading manufacturer and marketer of medical simulation products and anatomical models for healthcare education, with a long-established presence in over 120 countries worldwide.
Adam Dowdney said of the transaction: “This was an extremely interesting transaction of a slightly unusual but highly innovative business. As always, we enjoyed working with the selling shareholders and ensuring they realised full value for all the hard work they have put into the business over a number of years. The hard work of the IBB team, working closely with the shareholders and Ian Barton and his team at Quantuma, ensured a successful completion. We wish all the shareholders and 3B Scientific every success for the future.”
John Schoonraad (Co-Founder) said of the transaction, “When we set out on our journey to build the most realistic medical teaching tools we hoped that we would find a great partner who would take our vision for medical realism to the next level, and we feel that we have secured a safe pair of hands with 3B Scientific. We had taken the business as far as we could, and it was perfect for us to find an enthusiastic partner / owner for the future. 3b Scientific have some great technologies which we hope to integrate and take the medical training community by storm.”
“The support we had from our Legal team during the sale process was invaluable, we relied on their judgment and wise words to steer us through the Due Diligence process, Everybody says selling a business is hard work, and they aren’t joking!”
