Milbank LLP advised Limerston Capital on its acquisition of the “Stability Storage” business unit, renamed Astoriom, from the Source BioScience group, a leading provider of pharma biotech services, specializing in clinical diagnostics. Astoriom has over 30 years of experience offering a range of outsourced controlled environment storage solutions from storage facilities in the UK, Republic of Ireland and the United States to clients in a diverse range of sectors (including pharmaceuticals, medical devices, consumer health products, food products, retail products, biotechnology, contract manufacturing organizations, and others), ensuring products and samples for stability trials are stored in compliance with applicable regulatory requirements. The business is also a market-leading provider of service and validation resources for the maintenance and support of its clients’ controlled environment equipment. The newly created standalone company will allow the company to focus on biorepository as its core growth area, expanding its footprint within high-value pharmaceutical and biologic markets with a buy-and-build growth strategy in the US and European markets. Limerston Capital is a UK-based mid-market private equity firm focused on driving value and growth in its portfolio companies through buy-and-build strategies and operational transformation. Limerston provides strong operational and acquisition support through fully integrated and dedicated operational and investment teams, also partnering with sector-specialist operational partners and management to help build them into industry leaders. Milbank advised on the corporate M&A and leveraged finance aspects of the transaction. The deal team was led by Global Corporate partner Andrej Wolf with support from Global Corporate associates Madalena de Abreu, Lewis Whiteoak and Daniel Woods, and trainees Tom Murdoch and Gabriel Steinberg. The team also had assistance from European Leveraged Finance partner Sarbajeet Nag and associates Christopher Smith and James Aurelius, and Tax partner Russell Jacobs and associate Jade Du Berry. US support was provided by Global Corporate associate Jinney Chung and Litigation associate Marina Markarian, among others.