REG - Caledonia Investmnts - Disposal

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17/11/2021 08:05

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RNS Number : 6007S  Caledonia Investments PLC  17 November 2021

 

CALEDONIA INVESTMENTS PLC

 

CALEDONIA AGREES TERMS TO DIVEST ITS HOLDING IN BIOAGILYTIX

 

Caledonia Investments plc ("Caledonia") is pleased to announce that the
shareholders of portfolio company BioAgilytix, a leading provider of
bioanalytical testing for large molecule research and development, have agreed
terms of a majority investment in the company by international private equity
firm Cinven. The transaction is subject to US anti-trust approvals and is
expected to complete in December 2021.

 

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.

 

Cinven's investment involves a sale of Caledonia's interest in BioAgilytix to
Cinven. Caledonia's gross proceeds are expected to be c.US$183m, net of fees,
and will be confirmed upon completion. Proceeds will be held for future
investment. Caledonia's shareholding in BioAgilytix was valued by Caledonia at
£51m as at 30 September 2021.

 

Tom Leader, Head of Caledonia Private Capital, said:

 

"Caledonia's Private Capital strategy is to invest in high quality businesses
with best-in-class management teams and BioAgilytix and Jim Datin exemplify
the success of this approach. We are delighted with what the company has been
able to achieve since we first invested, and would like to thank them as well
as Peter Connolly and the Cobepa team, the lead investors. With Cinven's
global footprint, significant resources and specialist healthcare expertise we
believe BioAgilytix will continue to flourish."

 

Jim Datin, President and Chief Executive Officer of BioAgilytix, commented:

 

"Cinven's investment in BioAgilytix will accelerate our evolution as a
contract research organisation as we look to build out new state-of-the-art
laboratories, invest in our world-class team and expand both our service
capabilities and geographic reach.  These objectives match up perfectly with
the ever-growing needs of our customers who rely on us to bring novel
therapeutics to their patient populations."

 

17 November 2021

 

For further information contact:

 

 

 Caledonia Investments plc
 Will Wyatt,                                             +44 20 7802 8080

 Chief Executive

 Tim Livett,

 Chief Financial Officer

 Tom Leader,

 Head of Private Capital

 Media contact:
 Tulchan Communications
 Tom Murray, Lisa Jarrett-Kerr                           +44 20 7353 4200

 

This announcement contains inside information relating to Caledonia.

 

END

 

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 (http://www.caledoniaprivatecapital.com) and
for Caledonia please visit www.caledonia.com (http://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
(http://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
(http://www.cinven.com) and www.linkedin.com/company/cinven/
(http://www.linkedin.com/company/cinven/) .

 

Transaction

 

The divestment of BioAgilytix was led by Chris Hodges and James Lander for
Caledonia.

 

Macfarlanes (Stephen Drewitt, Nic Page and Alice Temkin), Mintz (Larry
Naughton and Ed Pease) and Deloitte (Tim Haden and Sam Ward) provided legal
and tax advice to Caledonia.

 

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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