Waterland sells HistoGeneX to PE-backed Caprion Biosciences

Francesca Veronesi
01 August 2019

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Private-equity-backed Caprion Biosciences, a Montreal-based provider of specialised immunology and proteomics laboratory services, has acquired HistoGeneX, a Belgium-based provider of biomarker technologies.

The management teams of both HistoGeneX and Caprion Biosciences will hold significant stakes in the newly formed company.

The acquisition coincides with a change of hands for Caprion. The business, backed by London-based GHO Capital Partners since 2016, has recently been acquired by Arsenal Capital Partners. The acquirer is a New-York based PE firm that invests in mid-market healthcare and speciality industrials companies. Arsenal typically injects between $50-300m in its platform investments.

Founded in 2000 and based in Montreal, Caprion assists pharma and biotech companies in their research and development activities throughout the discovery, pre-clinical and clinical stages of drug development. In recent years, the company has pursued a buy-and- build strategy, acquiring a laboratory from ImmuneHealth in 2016, Primity Bio in 2018 and Serametrix in 2019.

Previous funding
HistoGeneX was backed by Waterland Private Equity in 2016. The investment was meant to develop a new laboratory site in Antwerp and expand the laboratory activities in Chicago and in China. At the time, the business generated a €13m turnover and employed 90 people.

Company
Founded in 2001, HistoGeneX Laboratories is a provider of biomarker technologies for translational and clinical research, which aims to better the lives of patients facing cancer. Headquartered in Antwerp, the business also has facilities in Chicago and is taking steps to open a site in Jining, China, in late 2019.

People
HistoGeneX – Mark Kockx, Dirk Hendriks (co-founders); Christopher Ung (chief business officer).
Caprion – Martin LeBlanc (co-founder).
Arsenal Capital Partners – Stephen McLean (senior partner).

Advisers
Company – Allen & Overy (legal); Crosstree Capital (corporate finance).
Equity – William Blair & Company (corporate finance); Kirkland & Ellis (legal); Jones Day (legal).