EQT acquires HemoCue from Mallinckrodt Inc
EQT Scandinavia B.V. ("EQT"), investment manager for EQT Scandinavia II, has, through a newly established holding company, acquired 100% of HemoCue, a leading point-of-care blood testing equipment company, from Mallinckrodt Inc.
HemoCue, based in Ängelholm, Sweden, is developing, producing and marketing
easy-to-use lab-quality diagnostics systems for the decentralised health care sector. The Company, with sales of USD 47 million (1999), is technology driven and employs approx. 200 persons in Europe and North America. HemoCue focuses on point-of-care in vitro blood testing with simple and proprietary products.
Currently, the Company services two segments of the blood testing market - haemoglobin testing and glucose testing. HemoCue's key customers are physician office laboratories, hospital wards, blood banks and diabetics clinics. The
Company operates primarily in Europe and North America.
EQT believes that HemoCue is a well-managed business with exciting growth prospects. HemoCue has an impressive track record, leading proprietary systems and a reputation for product quality and accuracy. EQT envisages investing
considerably in R&D and geographic expansion to build and develop HemoCue
Mr. Anders Williamsson, Managing Director of HemoCue AB, states in connection
with reaching the agreement. "We are confident that EQT's ownership will strengthen HemoCue's position and opportunities as an independent and focused point-of-care blood testing equipment company. We are committed to working with EQT in growing and developing HemoCue both geographically as well as in broadening our product offering."
Mr. Claes Dahlbäck, Chairman of EQT, adds "HemoCue has considerable development potential, and EQT intends to invest in and develop HemoCue's market
position further to strengthen HemoCue as a global leader in the growing point-of-care testing market."
EQT is a group of private equity funds with equity commitments totalling
SEK 11 billion. Since its inception in 1994, EQT has successfully concluded investments in 20 companies. EQT Partners AB, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki and Munich. EQT realises its business concept by acquiring high quality medium sized companies in Northern Europe and serving as an active owner in close co-operation with the
management of the companies it acquires.
For further information, please contact:
Mr. Claes Dahlbäck, Chairman, EQT Scandinavia B.V.: +31-20-577 66 57
Mr. Fredrik Åtting, Partner, EQT Partners A/S: +45-33-18 12 37
Mr. Anders Williamsson, Managing Director, HemoCue AB: +46-431-45 82 00