Adelis raises continuation vehicle for SSI Diagnostica

Under the deal, Adelis Equity Partners Fund I will exit the asset to the Fund Continuation Vehicle (FCV) alongside the GP's latest flagship fund, Fund III, SSI's management and board, and the Adelis team.

The GP said that the FCV has also allowed SSI to complete a transformational acquisition of TechLab Inc, a US-based manufacturer of diagnostic tests for intestinal diseases. 

Adelis partner Rasmus Molander said the restructuring also gives the group significant capital for further acquisitions and enables the sponsor to support the business for many more years. 

The GP added that the joint group will have combined annual sales of more than USD 160m, a more than six-fold growth since its first investment in 2016. 

StepStone is the lead investor in the new vehicle, with the Los Angeles County Employees Retirement Association (LACERA) its junior lead.

The firm acquired the company in a DKK 250m (EUR 33m) carve-out privatisation from the Danish government. It then bolted on San Diego-based CTK Biotech in 2020, to broaden the test range and give access to emerging markets. 

Adelis Equity Partners I held the first close in August 2013, with a final close two months later at EUR 420m. 

The fund still has a handful of unrealised assets across the Nordics including Christmas tree grower Green Tree Group, sporting goods chain Intersport, dental labs group Nordentic, and digital marketing agency Genaraxion (formerly known as Sogemedier). 

Adelis closed Fund III, its latest flagship fund, at EUR 923m in October 2021. 

Advisors

Adelis - Lazard (M&A); Akin Gump (legal); Kromann Reumert (legal); Vinge (legal); White & Case (legal); Gernandt & Danielsson (legal); Troutman Pepper (legal); Boston Consulting Group (commercial); and PWC (finance, tax).

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