WILMINGTON, Del., July 27, 2022 /PRNewswire/ — YorkTest has secured investment in its food sensitivity testing business as part of a $11 million investment by Private Equity backers, NVM.
YorkTest is a leading health and wellness company with over 40 years of expertise in the provision of home-to-laboratory tests in the US and the UK, with a focus on food sensitivity testing. The company operates in a rapidly growing market with revenues having grown significantly over the last two years, reflecting a growing awareness of health, nutrition and wellbeing and the trend towards increased home health testing.
The investment from NVM will enable YorkTest to expand its current product range in the US, together with further investment in laboratory equipment. Each food sensitivity test comes with a 30-minute consultation with an expert nutritional therapist and are HSA and FSA accepted.
As part of the transaction Richard Millman will join the Board as Non-Executive Chair. Having worked with a number of established retail businesses, Richard is the former Managing Director of a PC World group business, part of the Dixon’s Retail Group and the former CEO of Total Fitness, the PE backed gym chain. He also chairs Protein Works, a global direct to consumer sports nutrition business and Vivify Venues, a tech enabled sports and leisure venue marketplace.
CEO of YorkTest, Richard Dawson, said:
“It’s an exciting time for the food sensitivity testing market, as consumers look to take more control of their own health and nutrition, following the challenges of the pandemic.
“YorkTest is well positioned to continue its growth in the food sensitivity testing market and expand its range of health tests.
“Alongside NVM, we’ll be at the forefront of positive change for the US home-to-laboratory health testing market.”
Richard Millman, adds:
“I am delighted to be joining YorkTest as Non-Executive Chair. It’s an exciting time for the sector, as people take more ownership of their own health, particularly following the challenges of the pandemic. The business is already seeing a shift in consumer behavior and the rise in online sales across its portfolio of home health tests. With significant investment in cloud-based technology, laboratory expertise and strong scientific credentials at its core, YorkTest is well positioned to achieve significant growth over the coming years.”
The transaction has been led by Andy Leach, Mauro Biagioni and Oliver Wildig. Mauro and Andy will represent NVM’s interest on the Board.
Mauro Biagioni, added:
“Under the leadership of CEO, Richard Dawson, the management team has built a robust business which is extremely well regarded in the food sensitivity testing market. We are confident that with today’s investment the business is now suitably capitalized to enable the team to deliver their vision and we are delighted to be able to support them on that journey.”
For more information about YorkTest, visit www.yorktest.com/us.