European private equity firm, Cinven, has completed the sale of Phadia Group, the leading in-vitro allergy diagnostics company based in Uppsala (Sweden), to Thermo Fisher Scientific Inc.
Cinven announced the agreement to sell Phadia Group in May 2011 for an enterprise value of EUR2.47 billion. Cinven’s Healthcare team led the acquisition of Phadia in early 2007 for an enterprise value of EUR1.285 billion. T
he sale of Phadia will return a 3.4x multiple to its fund, representing a capital gain of around EUR1bn. This marks the successful execution of the investment thesis pursued by Cinven and management, which resulted in the globalisation of the business, doubling of the company’s revenue growth rate, and a substantial increase in employment in the group following sustained investment in salesforce and product development.
