Cinven completes sale of Phadia to Thermo Fisher
European private equity firm, Cinven, today announces the completion of 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 €2.47 billion. Cinven's Healthcare team led the acquisition of Phadia in early 2007 for an enterprise value of €1.285 billion. The sale of Phadia will return a 3.4x multiple to its fund, representing a capital gain of around €1bn. 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.