Disposal

RNS Number : 3974W

Caledonia Investments PLC

21 December 2021

 

 

CALEDONIA INVESTMENTS PLC

CALEDONIA COMPLETES ITS DIVESTMENT AND CONFIRMS A MINORITY RE-INVESTMENT IN BIOAGILYTIX

On 17 November 2021, Caledonia Investments plc ("Caledonia") announced (under RNS number 6007S) that the shareholders of portfolio company BioAgilytix, a leading provider of bioanalytical testing for large molecule research and development, had agreed terms of a majority investment in the company by international private equity firm Cinven.

The transaction was subject to US anti-trust approvals and was expected to complete in December 2021. Caledonia is pleased to advise that these approvals have now been received and accordingly the transaction has been completed.  Caledonia's gross proceeds were US$183 million, net of fees, as expected. In addition, Caledonia has agreed to re-invest US$42m from the proceeds, alongside Cinven and a consortium of investors including Cobepa, for a minority investment in BioAgilytix.

Caledonia co-invested in BioAgilytix in February 2019 alongside Belgium based investment company Cobepa and UK based specialist healthcare fund GHO Capital. The business has grown strongly since, via a mix of impressive organic growth and acquisitions in the US and Australia, expanding its geographic reach and capabilities.  Throughout this time, BioAgilytix has been led by CEO, Jim Datin, who will continue in role under the new ownership. With Cinven's global footprint, specialist healthcare expertise and significant resources, we believe BioAgilytix will continue to flourish with Cinven as the new lead investor.

Caledonia's net proceeds are US$141m, net of fees and re-investment, of which US$138m (£104.8m) was received on completion.

21 December 2021

For further information contact:

Caledonia Investments plc
Will Wyatt, Chief Executive Tim Livett, Chief Financial Officer	[phone]
Tom Leader, Head of Private Capital
Media contact:
Tulchan Communications
Tom Murray, Lisa Jarrett-Kerr	[phone]

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Notes for editors:

Caledonia Investments

Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of £2.2bn as at 31 March 2021. The company maintains a concentrated portfolio of international quoted, private, and fund investments and has paid an increasing annual dividend for 54 years.

In the Private Capital arena Caledonia typically seeks to invest £25m to £125m in privately owned companies based in the UK, either on a majority or minority basis, where Caledonia provides enduring capital and support to investee company management teams over the longer term.  The Caledonia Private Capital portfolio includes 7IM (a vertically integrated multi-asset class investment manager), Stonehage Fleming (a multi-family office providing fiduciary and investment management services to UHNW clients and families), Cobehold (the holding company of Cobepa, a European unquoted investment house), Cooke Optics (a UK manufacturer of premium cinematography lenses), and Liberation Group (a Channel Islands and South West England integrated pub and brewing business).

For additional information on Caledonia Private Capital, please visit www.caledoniaprivatecapital.com and for Caledonia please visit www.caledonia.com .

BioAgilytix

BioAgilytix is a best-in-class provider of critical bioanalysis services enabling biologic drug development by pharma and biotech sponsors. The business was founded in 2008 and is head quartered in Durham, North Carolina. The business has laboratory facilities in Hamburg Germany, Boston Massachusetts, San Diego California and Melbourne Australia.

BioAgilytix has a strong track record of providing quality, dependable bioanalytical support and scientific expertise to the pharmaceutical and biotech community to more effectively bring their products to market. Bioanalytical testing covers multiple therapeutic areas across various stages of the drug development process. The business has a relentless focus on best in class science and quality demonstrated by its pristine regulatory track record with no FDA 438s during the entire 13 year history.

For additional information on BioAgilytix, please visit: www.bioagilytix.com .

Cinven

Cinven is a leading international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, Frankfurt, Paris, Milan, Madrid, New York, Guernsey and Luxembourg.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Limited, the adviser to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.

In this press release 'Cinven' means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo1) S. ὰ.r.l., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/ .

Neither the contents of Caledonia's, BioAgilytix's or Cinven's websites, nor the contents of any website accessible from hyperlinks on such websites (or any other website) is incorporated into, or forms part of, this announcement.

 

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