Armstrong tests out HEL for Connection Capital

Armstrong has provided commercial due diligence for Connection Capital’s investment in specialist lab equipment manufacturer, HEL.

HEL designs and supplies a range of highly specialised, custom-made modular lab instruments and testing equipment. Typical products include different forms of “reaction stations” which for example screen for thermal hazards or use catalysts to test chemical reactions.


The company supplies a range of blue-chip chemical, pharmaceutical, biotech and academic and research institutions worldwide, including Pfizer, GSK, Shell, Dow, MIT, the University of Cambridge and the Industrial Technology Research Institute

Armstrong’s team was led by Denis Kent, an Oxford-educated biochemist with a background in pharmaceutical development and pharma industry analysis.  Fieldwork included over 100 commercial and technical interviews with HEL’s customers, distributors, suppliers and market experts. HEL was established in 1987 by CEO Dr Jasbir Singh who spotted a market opportunity for appropriate hazard testing equipment to optimise safety in chemical processing while scaling up production. Based in Borehamwood, where all its products are manufactured, it now employs 51 staff and contractors and has offices in the US, India and China.

Connection Capital raised funds from its private investor clients, which will be used to support the business in servicing global demand for its products, including in fast-growth markets such as Asia, which are typically 10-15 years behind more Connection Capital raised funds from its private investor clients, which will be used to support the business in servicing global demand for its products, including in fast-growth markets such as Asia, which are typically 10-15 years behind more mature Western markets.

For further information on this deal, or the consumer sector in general, please contact:

Tom Raymond on 07762 386 216, 020 7661 9324 or traymond@armstrong-ts.com

Denis Kent on 020 7661 9324 or dkent@armstrong-ts.com

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