Keyhaven Capital Partners backs Adelis Equity Partners’ single asset continuation vehicle of SSI Diagnostica
Founded in 1998 and headquartered in Denmark, SSID is a leading global manufacturer of diagnostics solutions for respiratory and tropical diseases. The company delivers products spanning rapid testing, precision testing and quality control testing for vaccines, alongside consumable products for microbiology labs. This latest transaction has enabled SSID’s acquisition of TechLab, a producer of rapid diagnostics for gastrointestinal diseases.
With expansive blue-chip customer bases and extensive R&D, production, and distribution capabilities, both companies are recognised as market leaders, uniquely differentiated by their clinically proven and regulator-approved offerings. Operating on a global scale within a growing niche subsector in the healthcare industry, the newly combined company is well placed to pursue consolidation, with significant barriers to entry for competitors.
Under the investment period, plans to accelerate growth of the business include future expansion of SSID’s geographic footprint, facilitated through additional strategic acquisitions. This includes expanding their presence in existing key markets such as the US and China, as well as launching in new and emerging markets.
The transaction has been backed by several institutional investors, including StepStone Group as lead investor, and Los Angeles County Employees Retirement Association (“LACERA”) as junior lead.
Commenting on the announcement, Sasha van de Water, Managing Partner at Keyhaven said: “We are delighted to be backing Adelis Equity with this latest investment, enabling the formation of a new business that will dominate a sector that is quickly evolving and ripe for consolidation. There are hugely advantageous operational synergies between SSID and TechLab, and we look forward to seeing the customer proposition significantly develop alongside the group’s entry into new geographies.”
Rasmus Molander, Co-Managing Partner at Adelis said: “There are continued M&A opportunities in the diagnostics and life sciences markets and we and SSID are excited to have the support of Keyhaven Capital as we continue our global growth journey. SSID will benefit from TechLab’s strong foothold in the US, the world’s largest diagnostics market, and we are confident that the combined group will positively transform the solutions available to patients.”
About Keyhaven Capital
Keyhaven is a specialist secondaries private equity firm dedicated to the European lower mid-market. With a diverse team, a network embedded in local markets and a flexible approach to deal making, Keyhaven works with niche industry leaders to accelerate growth, building robust, sustainable businesses that deliver for their investors, employees and local communities.
Since its foundation in 2003, Keyhaven has invested or advised on in excess of €2 billion and made more than 60 secondaries investments in Europe.
About Adelis Equity Partners
Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 36 platform investments and more than 150 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital.
For all media enquiries, please contact:
Instinctif Partners
Amy Drawbell, Nick Corrin
+44 20 7457 2020
Keyhaven@instinctif.com