The Riverside Company has made its first South American investment with the acquisition of UV-Vis Metrolab, an Argentine manufacturer of automated clinical chemistry analysers for the huma
The Riverside Company has made its first South American investment with the acquisition of UV-Vis Metrolab, an Argentine manufacturer of automated clinical chemistry analysers for the human medical market.
Metrolab is the second add-on to Hungarian platform company Diatron, a developer, manufacturer and marketer of compact haematology analysers for the human medical and veterinary markets. Together with Israeli-based Novamed, acquired in December 2007, the firm contributes toward Riverside’s overall goal of developing an international in vitro diagnostics group.
Established 25 years ago, Metrolab holds proprietary technology on its products and offers its customers software and extensive after-sale support. It mirrors Diatron’s sales approach with exclusive arrangements with distributors in North and South America, Europe, Asia and Australia. The company’s end-users are mostly hospitals, clinical laboratories and private medical practices.
‘When we set out to grow Diatron, we wanted to develop a portfolio of synergised companies in numerous segments of the in vitro diagnostics products industry,’ says Ferenc Vidovszky, a Riverside partner based in Budapest.
‘Metrolab met our criteria for complementary product without affecting either product line. The combination of these companies provides synergy in their sales approach and Metrolab also provides a gateway to Latin America, which is very appealing for future growth.’
‘The closest segments to haematology in distribution and technical terms are clinical chemistry, urinalysis and immunology,’ says group chief executive Peter Pataky. ‘As a result of the immediate synergies, we will be able to create sales packages that will appeal to our distributors. Riverside has shown it recognises the great potential in Diatron. Together we continue to grow while maintaining the focus on R&D that has made us successful.’
Diatron chief executive Gábor Lengyel adds: ‘The acquisition of Metrolab accelerates Diatron’s strategy to create a powerful group in the IVD field. Metrolab’s high quality standards and broad product portfolio make it an ideal fit with Diatron’s open approach to innovation. The combination of Metrolab and Diatron represents an enormous opportunity for our users and distributors seeking new, innovative products and options.
Riverside specialises in investing in companies at the smaller end of the middle market valued at up to USD150m. Since 1988, the firm has invested in 203 companies with a total enterprise value of USD4.4bn, and its current portfolio in North America, Europe and Asia consists of 68 companies with combined annual sales of USD3.2bn and more than 14,000 employees.
Riverside has more than USD2bn in capital under management in nine funds and more than 180 professionals at offices in Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Eindhoven, Hong Kong, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw.
