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Apax fund acquires remaining stake in Unilabs

The joint owners of Switzerland-based Unilabs, private equity funds Apax Europe VI, Nordic Capital Fund VI and Apax France VII, have accepted an offer from Apax IX, advised by Apax Partners, for the acquisition of their respective stakes in Unilabs.

Financial terms of the transaction have not been disclosed.
 
Under the new ownership structure, Unilabs will be able to continue to pursue its M&A strategy and be at the forefront of the ongoing consolidation of the European laboratory space.
 
The transaction marks the successful completion of the joint ownership between funds advised by Apax Partners, Nordic Capital and Apax Partners France (jointly with Altamir), which saw Unilabs taken private from the Swiss stock exchange in November 2007 and merged with the diagnostic division of pan-European healthcare provider Capio in 2008.
 
Throughout the ownership, funds advised by Apax Partners, Nordic Capital, and Apax Partners France have made significant investments into the business.
 
With over 112 laboratories and 43 medical imaging units across 10 European countries and emerging positions in the Middle East and Latin America, Unilabs has grown to become one of Europe’s leading medical diagnostics businesses. Offering the most comprehensive portfolio of diagnostic services in Europe, Unilabs’ 5,300 employees provide reliable and actionable diagnostic information.
 
Nordic Capital and Apax Partners France have decided to sell their investment in Unilabs to Apax IX, which will support the company as it takes advantage of the strong market outlook and consolidation opportunities.
 
Fredrik Näslund, partner, NC Advisory AB, adviser to the Nordic Capital Funds, says: “By drawing on a deep expertise and successful track record in the healthcare sector, Nordic Capital has been able support the creation of a truly market leading business. We would like to thank Jos Lamers and the management team for their dedication and commitment to driving the company’s growth strategy and development.”
 
Bertrand Pivin, partner at Apax Partners France, says: “We are pleased to exit in the knowledge that Unilabs, under the continued partnership with Apax Partners, will be ideally equipped to pursue its journey and we wish them the best of success.”
 
Jos Lamers, CEO of Unilabs, says: “I would like to thank our partners for sharing our vision and for their support in building a company with solid market leadership positions. Today’s transaction will allow us to pursue our ambition to become a proactive partner to caregivers and patients in all areas of diagnostics – from laboratory diagnostics to pathology and medical imaging. We will achieve this by investing in innovative services, pursuing operational excellence and conducting further M&A activity to expand our European and international presence.”
 
Steven Dyson, partner at Apax Partners, says: “Under the leadership of CEO Jos Lamers and his executive team, Unilabs and its 5,300 employees have done an outstanding job in growing organic revenues at close to double market rates, and they continue to generate expanding operating margins. We are excited to continue our successful collaboration and to support the company in its future ambitions.”

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