17th Nov 2021 10:44
(Alliance News) - Caledonia Investments PLC on Wednesday said it has agreed to divest its interest in large molecule bioanalytical testing provider BioAgilytix, as part of an investment into the company by private equity firm Cinven.
The London-based investment trust expects to make GBP183 million in gross proceeds from the sale, which will be held for future investment. Caledonia's shareholding in Durham, New Carolina-based BioAgilytix was valued at GBP51 million as at the end of September.
Cinven's investment into BioAgilytix is conditional on US anti-trust approval, and is expected to be completed in December.
"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," said Tom Leader, head of Caledonia Private Capital.
Shares in Caledonia Investments were up 1.9% at 3,820.00 pence on Wednesday morning in London.
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Caledonia