hVIVO, an early-stage Contract Research Organisation (CRO), has acquired Cryostore, a specialist provider of high industry standard, temperature-controlled storage solutions for biological and clinical materials. The acquisition has been completed for consideration of up to £3.2 million, comprising £2.7 million funded from the group’s existing cash resources and up to £0.5 million in equity subject to certain terms.
Established in 1999, Cryostore provides off-site, temperature-controlled storage for global pharmaceutical, biotechnology, CRO and academic research clients. Located in Greenwich, London, the facility houses 32 freezers across approximately 2,800 square feet, with scope for future expansion.
The acquisition provides cross-selling opportunities, expanding hVIVO’s client base and further diversifies the group’s revenue streams. In 2024, Cryostore provided storage solutions to 37 clients, with 97% repeat business and an average client tenure of 9 years.
hVIVO has worked with Cryostore for more than 20 years, and in 2024 hVIVO represented 16% of Cryostore’s total revenue. In addition to the organic growth opportunity from owning Cryostore, the company anticipates reducing costs and retaining greater margin within the group.
Cryostore’s services will complement and enhance hVIVO’s growing hLAB and biobank offering, as the group currently holds over 500,000 samples in its biobank, and processes more than 85,000 samples per year. As the group’s standalone lab services, field study offering, and HCT business continues to grow, this ancillary service will further support the future growth of the business whilst adding an additional revenue and profit stream.
Cryostore’s management will continue in their current roles.
Yamin ‘Mo’ Khan, Chief Executive Officer of hVIVO plc, said: “We are delighted to welcome Cryostore to the hVIVO Group. This acquisition represents a strategic step forward in expanding our hLAB and biobank service offering by providing high-quality, temperature-controlled storage solutions for the biopharma industry.
“We have worked with Cryostore for over 20 years and recognise its reputation as a high-quality partner, as evidenced by an impressive list of multi-year tenure biopharma clients. With a proven track record of consistent revenue growth, strong client retention, and increasing industry demand, bringing this business in-house will allow us to drive efficiencies, expand our customer base, and support our long-term growth strategy.”
Malcolm Wilkinson, General Manager of Cryostore, said: “Joining the hVIVO Group is an exciting progression for Cryostore. We share a strong commitment to quality, regulatory excellence, and customer service, and this acquisition allows us to leverage hVIVO’s global reach and resources to enhance the offering to our global client base.
“Our long-standing relationship with hVIVO has demonstrated our alignment in values and operational excellence, and we look forward to continuing to provide best-in-class storage solution as part of the hVIVO group.”
