3i creates new bioprocessing platform with Cellon acquisition

Cellon was acquired from its founder, who will continue to lead his division of the platform.

Silicone Altimex was a UK-based subsidiary of 3i-backed Q Holding that was acquired in 2015. Q Holding had acquired TBL from its founder in October 2019. The portfolio company plans to reinvest proceeds to support expansion of its production capacity for its cardiovascular and peripheral vascular catheter product lines.

Unquote understands 3i is currently looking for a CEO to sit across the divisions of the new platform. The firm is also pursuing further acquisitions and organic investment that would enable it to expand its product range and increase its capacity, according to a statement.

The platform does not yet have a name and is likely to be based in the US.

Company
Based in Luxembourg, Cellon is a manufacturer of single-use products for bioprocessing, storage, and transport of sterile products for pharmaceutical and biotechnology companies. Its products include sterile bottles for the production of biological drugs, custom tube and bottle sets, and platinum-cured silicone tubing. The company was established in 1987.

People
3i – Richard Relyea (partner).
Q Holding – Thomas Hook (CEO).
TBL Performance Plastics – Bob DuPont (CEO).

Advisers
Equity – Travers Smith (legal); Kirkland & Ellis (legal).

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