EQT Private Equity to sell Ellab, following transformation into a leading validation & monitoring provider for the Biotech and Pharmaceutical industries
- EQT Private Equity, together with its co-shareholders, to sell Ellab to Novo Holdings
- Since EQT Private Equity invested in 2019, Ellab has transformed into a full-suite provider of validation and monitoring solutions and services, serving all the top 20 biotech companies and all the top 40 pharmaceutical companies globally
- Transformation has resulted in Ellab tripling its revenues, EBITDA and number of employees, while experiencing approximately 20% annual organic revenue growth and completing 15 add-on acquisitions
EQT is pleased to announce that EQT Mid Market Europe (“EQT Private Equity”), together with its co-shareholders, have agreed to sell Ellab (“Ellab” or the “Company”) to Novo Holdings, which is responsible for managing the assets and wealth of the Novo Nordisk Foundation, one of the world’s largest philanthropic enterprise foundations.
Headquartered in Hillerød, Denmark, Ellab provides validation and monitoring solutions and services for biotech and pharmaceutical processes. Its solutions and services measure and document parameters such as temperature, pressure, and carbon dioxide. These help clients to ensure consumer safety and regulatory compliance while reducing time to market and the risk of product loss.
EQT Private Equity acquired Ellab in September 2019 with a vision to accelerate the Company’s growth journey by solidifying its core offering within validation solutions, while expanding into monitoring solutions and field services & consulting. Today, Ellab has transformed into a full solution provider, while tripling its revenues, EBITDA and employee base. It counts all the top 20 biotech companies and all the top 40 pharmaceutical companies globally as clients.
During EQT Private Equity’s ownership, Ellab shifted its customer focus towards high-growth industries such as biotech, cell & gene therapies, and contract development & manufacturing organizations. At the same time, it invested significantly in research & development, digitalization and personnel to strengthen the organization, while acquiring 15 companies around the globe. The Company has also defined a clear sustainability strategy, for instance by committing to the Science Based Targets initiative that requires Ellab to set greenhouse gas emission reduction targets in line with the 1.5° pathway described in the Paris Agreement.
Rikke Kjær Nielsen, Partner within EQT Private Equity’s Advisory Team, said, “Ellab’s solutions play a vital role in ensuring accuracy and compliance in its clients’ biotech and pharmaceutical processes, which is key for these companies. This was true when we first invested in Ellab and remains the case today. The difference now is the scale and flexibility that Ellab offers, as it has transformed into a full-suite provider of validation and monitoring solutions and services. It has been a privilege to partner with the entire Ellab management team, who have built a company with a strong culture and customer focus, dedication to innovation and commitment to consumer safety. We believe Novo Holdings is a great partner for the next stage of Ellab’s growth journey and we wish them all the best in the future.”
Ludvig Enlund, CEO of Ellab, said “With EQT Private Equity’s support, Ellab has transformed into a truly leading global player with best-in-class software and hardware for validation and monitoring for the life sciences industry, and today also holds a strong position within field services & consulting. We are grateful for the partnership and now look forward to continuing our journey with Novo Holdings."
The transaction is subject to regulatory approval. Closing of the transaction is expected in Q3 2023.
Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
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About Ellab
Headquartered in Hillerød, Denmark, Ellab provides Validation and Monitoring Solutions and Services used for measuring and documenting critical parameters such temperature, pressure and CO2 in mainly biotech and pharma processes. The Company serves all of the top 20 biotech companies and all of the top 40 pharma companies globally helping them ensure consumer safety and regulatory compliance, while reducing time to market and the risk of product loss.
More info: https://www.ellab.com/
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.
As of year-end 2022, Novo Holdings had total assets of EUR 108 billion.
www.novoholdings.dk
About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.
www.novonordiskfonden.dk/en
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