Pharos Capital Group (Pharos), a private equity firm based in Dallas and Nashville, has sold its stake in portfolio company TechLab, a developer and manufacturer of rapid, non-invasive diagnostic tests for infectious disease, intestinal inflammation, and parasitology, to SSI Diagnostica, a portfolio company of the private investment firm Adelis Equity (Adelis).
Terms of the transaction have not been disclosed.
SSI Diagnostica is a developer and manufacturer of diagnostics products based in Copenhagen, Denmark. SSI Diagnostica’s global distribution network and production capability will complement TechLab’s US and global operations to grow the scale of the combined company’s diagnostics business. TechLab will continue to operate out of its Virginia R&D and manufacturing facilities, and will retain its workforce subsequent to the transaction. TechLab’s existing management team will remain with the company.
Pharos initially invested in TechLab in September 2016 out of its Pharos Capital Partners III/III-A funds.
