Adelis acquires SSI Diagnostica from the State of Denmark in privatization process
Adelis makes its third Danish acquisition, creating an independent entity of the formerly state owned SSI Diagnostica and positions the Company for growth and internationalisation
Adelis Equity Partners Fund I (“Adelis”) has agreed with the State of Denmark to acquire SSI Diagnostica, a leading developer and producer of in vitro diagnostic products, mainly within clinical microbiology. The purchase price is around DKK 250 million.
SSI Diagnostica, with c.90 employees, turnover of DKK c.150 million and facilities in Hillerød, Denmark, is currently a separate business unit within Statens Serum Institut (SSI), a public enterprise under the Danish Ministry of Health. The transaction will make SSI Diagnostica an independent, privately held entity.
Adelis, a private equity firm focused on the Nordic market with offices in Stockholm and Copenhagen, counts healthcare including life sciences and diagnostics as one of its core focus areas. SSI Diagnostica will be Adelis’ second healthcare investment in the Nordic market in little over a year, following the acquisition of Finnish healthcare services company Med Group in November 2014.
– We are very impressed by the research, product and manufacturing expertise SSI Diagnostica has developed over the years and with its unique market position we see growth opportunities in all its different business areas, says Steffen Thomsen, Partner and responsible for Danish investments at Adelis.
The acquisition is Adelis’ third Danish investment since the company was founded two and a half years ago, making the firm one of the most active private equity investors in the Danish market. In February 2014 Adelis acquired NGI A/S, the Danish producer of hygienic levelling feet, and later that year Adelis invested in Green Team Group A/S, Europe’s leading producer and distributor of Christmas trees. In all, Adelis has made eight investments since the company was founded.
– We strongly appreciate SSI Diagnostica’s core values and Danish heritage. We intend to invest in the Company, maintain its current operations in Denmark and expand these as the Company grows, Steffen Thomsen continues.
– We believe that the Adelis team's know-how and experience within healthcare in general and life sciences and biotechnology in particular, coupled with our strong Danish presence, makes us very well positioned to support the growth and internationalisation of SSI Diagnostica, says Rasmus Molander, responsible for the healthcare sector at Adelis.
In connection with the transition to Adelis’ ownership, Stig Løkke Pedersen, former Chief Commercial Officer at H. Lundbeck, will become Chairman of the Board of the Company. He will be supported by Patrik Dahlen, former CEO of Dako and Immonudiagniostic Systems and Thomas Pollare, former Nordic healthcare investment partner at 3i and former VP focused on R&D at Pharmacia and Schering-Plough.
The transaction is subject to final approval from the Danish authorities and is expected to close on 1 September 2016.
For further information:
Steffen Thomsen, Adelis Equity Partners, +45 40 28 34 09
Rasmus Molander, Adelis Equity Partners, +46 70 283 74 33
About Adelis Equity Partners
Adelis is an active investor and partner in creating value at small and medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading lower middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. Our current fund size is SEK 3.7 billion. For more information please visit www.adelisequity.com.