Cinven sells Sebia to Montagu Private Equity and Astorg Partners
Cinven today announces the completion of the sale of Sebia, the in-vitro diagnostics protein testing business, to Montagu Private Equity and Astorg Partners for €1.4bn. This follows the announcement in June that Cinven had entered into exclusive negotiations with a consortium led by these two companies.
Cinven acquired Sebia in June 2010 and this transaction represents a 2.4x return on Cinven's original investment. During Cinven's ownership Sebia has extended its operations into the US and emerging markets which has led to significant revenue increase, also positioning Sebia as a clear global leader within the in-vitro diagnostics market. Throughout this period the Company also launched major products such as a diabetes test and is in the process of launching a new generation of Capillary instrument to provide strong future earnings growth.
Cinven's successful investment in Sebia follows its investment in Phadia, the in-vitro diagnostics allergy testing business, which generated a 3.4x multiple on Cinven's original investment, following the sale of the business to Thermo Fisher Scientific, Inc.