The EQT V fund (“EQT”) is pleased to announce that it has entered into an agreement to acquire Dako Denmark A/S (“Dako” or “Dako Group”), one of the world’s leading cancer diagnostics companies with headquarters in Glostrup, Denmark, for an enterprise value of DKK 7,250m. Dako’s current main shareholders include descendants of the company’s founder Niels Harboe (61%), Novo Nordisk A/S (27%) and others (12%).
Dako was founded by the Danish medical doctor Niels Harboe in 1966 and has more than 40 years of experience in the development and production of reagents and antibodies, which constitute an important ingredient for diagnosing cancer. Today, Dako has approximately 1,300 employees, generates revenues of almost DKK 1,700m (approximately EUR 230m) and is represented and highly recognized in pathology laboratories world-wide.
The number of people suffering from cancer is constantly increasing. A key factor in ensuring patients the best treatment is to make an accurate diagnosis at an early stage. Dako’s products help doctors all over the world to make more precise diagnoses of cancer patients on the basis of reliable test results.
EQT, with its strong track record of fostering growth and value creation in the 43 companies that it has invested in during the last 12 years, intends to support Dako in its goal to improve cancer diagnostics and help create higher productivity and better workflow in hospital and research laboratories.
Ole Andersen, Senior Partner of EQT Partners, said: “We are delighted to be the new owner of Dako. Dako has a strong management team and has, through significant R&D investments since it was founded by Niels Harboe, achieved a leading position in a growing market. The company fits very well with EQT’s strategy to invest in high-quality companies with substantial growth and development potential. We look forward to work closely with Dako’s management and dedicated personnel to realise Dako’s full potential”.
Patrik Dahlén, CEO of the Dako Group, made the following statement: “Dako has great potential to continue its positive development. Having EQT as new owner, and their ambitions, the conditions are optimal for continued development with strong and profitable growth”.
Sonnich Fryland, Chairman of Dako’s board, commented: “The Dako Group has been a family-controlled business ever since its inception in 1966. After many successful years the Harboe family has together with the remaining shareholders come to the conclusion that Dako has a higher strategic value to a new owner. It has been the shareholders’ wishes to find a buyer who can take the company forward and further develop Dako’s business. We are convinced that EQT is the right owner for Dako and our employees”.
The transaction is conditional upon the approval of the relevant competition authorities and the approval of the transaction by a shareholders meeting in Dako A/S.
Goldman Sachs International acted as financial advisor and Accura as legal advisor to EQT.