Bridgepoint reviews options for Diaverum advised by Citi

The sponsor is yet to make a decision on any next steps, said one of the sources, although another added that a process could launch in Q4 2022.

In November 2020, Diaverum announced an intention to IPO on the Nasdaq Stockholm but abandoned plans the day before the book build, saying that “indications received did not fully reflect the fundamental value of the business”, as reported.

The listing could have valued Diaverum at EUR 2bn, as reported.

In the case of a renewed exit attempt, the company could be marketed at a valuation in the EUR 1.5bn-EUR 2bn range, according to two of the sources, although the third source said that there is no suggestion that price expectations would have altered.

At the time of the IPO attempt, Diaverum reported TTM EBITDA of EUR 139m, as reported.

JPMorgan, Carnegie and SEB were advising Bridgepoint on the listing, as reported.

The steady characteristic of the business is now more interesting to potential sponsors, said one of the sources. The exposure to Saudi Arabia, via the form of a large public contract, and the Middle East is the company’s biggest problem, said a fourth source familiar.

Bridgepoint acquired Diaverum in 2007 for a EUR 600m valuation via the 2005 vintage fund Bridgepoint Europe III Fund. The fund still held the asset when it launched the listing, according to its intention to float (ITF) document.

In the nine months to September 2020, Diaverum generated EUR 642m turnover and TTM EBITA of EUR 106m, according to the ITF. At the time, revenue was split 62% in Europe with the remainder international.

Bridgepoint and Citi declined to comment. Diaverum did not respond to a request for comment.

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