Apax sells Unilabs to AP Moller

Bloomberg reported in November 2019 that Apax had mandated Rothschild for the sale of Unilabs, with the GP targeting a EUR 4bn valuation. Bloomberg reported in September 2021 that the company was up for sale again and was targeting a USD 5bn valuation. The publication reported in November that the process had drawn offers from Astralia-based Sonic Healthcare and France-based Biogroup-LCD.

Apax acquired Unilabs in December 2016 in a secondary buyout from Apax France and Nordic Capital; the sponsors had previously considered a sale or an IPO and the company was expected to be valued at EUR 1.5bn, Bloomberg reported at the time.

Apax deployed equity via Apax IX, while its Apax Europe VI vehicle retained its previously held stake in the business. Apax IX held a final close in December 2016 on its USD 9bn hard-cap. Further exits from the fund include Inmarsat: Apax and its co-investors in the satellite communications company sold their stakes in the business to US-based Viasat in a USD 7.3bn deal in November 2021.

During the investment period, Unilabs made more than 50 add-on acquisitions, the GP said in a statement.

Recent significant exits in the healthcare provision sector include Cinven-backed Synlab's IPO in May 2021, which saw the company list with a market capitalisation of EUR 4bn and an enterprise value of EUR 5.9bn. However, Apax's sale of Unilabs is the third largest exit in the sector in the past five years, the largest being CVC's sale of its stake in Spain-based Quirónsalud to Fresenius in a EUR 5.76bn deal, according to Unquote Data.

Previous funding
In November 2007, Nordic Capital and Apax financed healthcare provider Capio's acquisition of Unilabs via a take-private deal. Capio acquired a 98.13% stake in Unilabs. Nordic Capital invested via Nordic Capital VI, while Apax France invested via Apax France VII. Apax Partners' Apax Europe VI also invested.

Unilabs was merged with the diagnostic division of Capio in 2008. Capio listed on the Stockholm Stock Exchange in June 2015 at a valuation of SEK 6.846bn (approximately EUR 665m). The company was de-listed in 2018.

Company
Founded in 1987, Unilabs provides laboratory, pathology and imaging diagnostics services for patients and healthcare providers, including Covid-19 testing. The company posted revenues of EUR 673m in 2015 and generated EBITDA of EUR 115m; it posted revenues of EUR 2bn and EBITDA of EUR 600m in the financial year to September 2021. The company employs 12,600 staff in 15 countries.

People
Apax Partners – Steven Dyson, Arthur Brothag (partners).
Unilabs – Michiel Boehmer (CEO); Jos Lamers (chair).
AP Moller Holding – Robert Uggla (CEO); Jan Nielsen (chief investment officer).

Advisers
Vendor – Rothschild (M&A); Linklaters (legal).

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