British investment vehicle Armscote has bought Irish clinical trials group Venn Life Sciences in a deal worth £2.88 million. The all-share transaction will be funded through a £2.5 million placing.

Announcing the acquisition yesterday, Armscote said it would rename itself as Venn Life Sciences Holdings.

Armscote was established in February 2001 to acquire controlling interests in growth SMEs focused on the UK market. Having raised £600,000 in an initial placing, it has acquired stakes in two businesses for an aggregate cost of £50,000.

Venn directors, former Alltracel founder and CEO Tony Richardson and David Evans, will joins the Armscote board along with Michael Ryan.

Founded in 2007, Venn raised $3 million in 2010 fundraising.