Hygeco, Europe’s leading solutions provider for the post-mortem and pathology laboratories strengthens its position in the UK market by joining forces with the UK-based LRT Group (Leslie R. Tipping Group). As a result of this strategic move, Hygeco has a leading presence in 4 key European markets (France, Germany, Spain and the UK).
Hygeco has established a strong reputation as a trusted partner to customers across the funeral post-mortem, medical post-mortem, histopathology, and veterinary sectors. With over a century of expertise and a presence in more than 150 countries, Hygeco now offers one of the industry’s most comprehensive ranges of equipment, product & consumables, and services. By providing innovative, tailored solutions for post-mortem and pathology laboratories, Hygeco enables professionals to set new standards and achieve superior efficiency. The company leads the way in prioritizing product innovation, quality and safety, with rigorous ESG objectives, setting a high standard in a field where these values are essential.
Leslie R. Tipping is a respected funeral product provider in the UK with leading market positions. It offers a wide range of products including coffin interiors, lining and accessories, urns, and mortuary supplies with a talented team of nearly 100 employees that operates across 3 state-of-the-art manufacturing facilities based in Stockport, Dewsbury, and Beverley. James Tipping, the grandson of the founder, will continue to serve as Managing Director of LRT Group.
The recent acquisition of LRT Group strengthens Hygeco’s operational reach and local expertise within the UK. LRT enhances Hygeco’s European product range and ability to meet the specific needs of UK clients, supporting the company in achieving an annual revenue of approximately 50 million euros through 4 production sites and over 400 employees across Europe. “A stronger direct presence in the UK market marks an exciting milestone in our growth journey,” stated Olivier Zaniol, CEO of Hygeco. “The combined expertise of Hygeco and LRT Group unlocks powerful synergy opportunities, allowing us to deliver even greater value to our customers and partners. We are eager to harness our shared strengths to accelerate expansion across the UK and Europe.” “Joining Hygeco represents an exciting opportunity to bring their exceptional product portfolio to the UK market,” said James Tipping, Managing Director of LRT Group. “The quality and heritage of the Hygeco brand will enhance both availability and choice for the UK post-mortem industry in the months ahead.”
LRT Group is the third acquisition made by Hygeco in the last 24 months. Hygeco remains committed to strengthening its leadership as a natural market consolidator in Europe by targeting acquisitions that support its vision for growth and innovation, complement its core competencies, broaden its customer base, and expand its geographic footprint.
The acquisition of LRT Group was facilitated by two long-standing banking partners, Caisse d’Épargne Île-de-France and BNP Paribas. In addition, La Banque Postale has joined the consortium, providing an additional credit line to support Hygeco’s future acquisition strategy. With a clearly defined pipeline of acquisition targets already in place, the majority shareholder, Abenex, is prepared to actively support these strategic growth opportunities.
About LRT Group
Founded in 1947 by Leslie R. Tipping, LRT Group, comprising Leslie R. Tipping Limited, H.O. Rawcliffe Limited, Fabrics UK Limited, Luke Howgate & Son Limited, and Hulme & Co, specializes in high-quality, customizable post-mortem equipment and accessories. With three production sites across Stockport, Dewsbury, and Beverley, LRT is dedicated to exceptional craftsmanship, reliability, and personalized service, providing trusted products to professionals throughout the UK.
For further information on LR Tipping, please visit https://lrtipping.co.uk/
Partners involved in the operation
Hygeco: Olivier Zaniol, Pierre Fouchault, Emmanuelle Hernin
Abenex: Mathieu Mauhourat, Johann Dupont, Albin Crosnier
External growth
- Commercial DD: Indéfi (Julien Berger, Adam Laissaoui)
- Financial DD: Eight Advisory UK (Daniel Parsons, James Prest)
- Tax DD: Eight Advisory UK (Caley Mogg, Tom Sykes, Edward Highfield)
- ESG DD: PWC (Orianne Lettermann, Emma Bolze)
- Legal & Labour DD: Burges Salmon (Andrew Mills, Martin Davidson)
- Lawyer – M&A: Burges Salmon (Andrew Mills, Martin Davidson)
Debt raising
- Financial VDD: Eight Advisory France (Fabien Thiéblemont, Paul Marlin)
- Debt advisor: Finaxeed (Bruno Zerbib, Rémi Coupard, Anselme Fouelac Keunang)
- Lawyer – Borrower: Squair (Blandine Gény)
- Lawyer – Banks: Herbert Smith (Laure Bonin)
- Lawyer – Corporate: VGG (Frédéric Grillier, Aurore Duchez)
Banks
- Senior Debt TLA/TLB: Caisse d’Epargne IDF (Cédric Alin), La Banque Postale (Hélène de Prévoisin), BNP Paribas (Amine Achour)
- Senior Debt TLC: BNP SME (Cyril Loiry)
