Interpretation of key points：
● DevCo completed a strategic capital raising for its long-term investment in Medix Biochemica.
● Based on this fundraising, DevCo’s Medix Biochemica special single asset investment platform has received a total of 616 million euros in long-term investment commitments.
● The fundraising was led by Council Ring Capital, a single family affairs company headquartered in Chicago that mainly invests in growth companies in the healthcare, technology and consumer sectors.The main investors in the fundraising also include Security Trading (Antti Herlin family investment company), cornerstone investor Coller Capital, and other investors.
● Medix Biochemica is the world’s leading independent supplier of key biological raw materials in the in vitro diagnostic industry, and has developed rapidly in the six years since DevCo became the controlling shareholder.
● The funds raised this time will enable Medix Biochemica to further promote non-operational growth plans, such as mergers and acquisitions, while actively promoting organic growth in accordance with the company’s established growth strategy.
Detailed news：
On September 3, 2024, in Helsinki, Finland, DevCo Partnership Co., Ltd. is pleased to announce that its fundraising for Medix Biochemica’s special long-term single asset investment platform has received a total commitment of 616 million euros.As part of this transaction, approximately 300 million euros of new investment has been injected into the investment platform, which provides DevCo with a lot of additional capital to continue to support Medix Biochemica’s long-term growth strategy.
The new capital is provided by a group of strong investors, including leading investors Council Ring Capital, Antti Herlin (he has been the main investor in the investment platform before this fundraising), and cornerstone investors Coller Capital, pension funds Keva, VER and Elo.Existing long-term investors, such as the Minerva Foundation, C. The Ehrnrooth family, Rettig and Ilmarinen will continue to be key investors in the investment platform after this fundraising.
Headquartered in Finland, Medix Biochemica is the world’s leading independent supplier of key biological raw materials for the in vitro diagnostic industry (IVD).The company develops, produces and supplies high-quality antibodies, antigens and other key IVD raw materials to IVD reagent manufacturers around the world, so that billions of patients around the world can obtain accurate IVD test results.The company’s expertise covers various segments such as immunoassay, clinical biochemistry, and molecular diagnostics.Medix Biochemica has more than 250 professionals worldwide and provides services to its global customers through its local teams in China, Europe, and North America.
In cooperation with the Minerva Foundation, the former controlling shareholder, DevCo acquired a majority stake in Medix Biochemica in February 2018 to accelerate the company’s growth and development.
In the first six years when DevCo became the controlling shareholder, Medix Biochemica has greatly strengthened its strategic position as the preferred raw material partner in the in vitro diagnostic industry through the implementation of major organic growth plans and seven strategic acquisitions in the United States and Europe.Based on these mergers and acquisitions and organic growth above the market average, the company’s sales increased from 20 million euros in 2017 to more than 70 million euros in 2023.
Introduction to DevCo：
DevCo is an active shareholder and development partner with a long-term orientation, committed to building a world-leading company in selected market segments.DevCo provides its companies with practical resources, strategic support, and financial resources to support their performance to achieve significant improvements.DevCo is currently an important shareholder of three global market segment leaders-Vexve, Medix Biochemica and Bluefors.
Introduction to Council Ring Capital：
Council Ring Capital is a single-family affairs company headquartered in Chicago that invests in growth companies in the healthcare, technology, and consumer sectors.The company seeks to make long-term equity investment. In the process, its team uses its strong capital, contacts and expertise to work with the investee to achieve success.
About Medix Biochemica：
Medix Biochemica Group was founded in Finland and serves the world. It is a leading independent supplier of key raw materials in the in vitro diagnostic industry.
Medix Biochemica has more than 300 professional employees, serving customers around the world through local teams in China, the United States, and Europe.Develop, produce, and supply high-quality antibodies, antigens, and other key raw materials for in vitro diagnosis for global partners, so that hundreds of millions of patients around the world can obtain more accurate in vitro diagnostic test results.
