Serendipity buys majority stake in Evondos

The Oslo-based investor spotted Evondos before the summer 2017. It was attracted by the firm's technology offering and the fact that it was already selling products in all the Nordic countries, Serendipity's managing partner Egil Bodd told unquote".

Growth plans are likely to include expansion in the Nordic region and other European markets. No management changes are planned, Bodd added.

The value of the investment is thought to be around the €20m mark, according to a report in Finnish daily Turun Sanomat. 

The acquisition was funded by the private equity firm's Nordic and Europe Health Invest I fund, which targets Nordic and northern Europe-focused companies in the healthcare sector. The fund is registered with Norway's financial authority and has approximately NOK 800m under management. The Norwegian government is a key investor in the fund.

The main focus of the fund is to invest in established companies, but it also has a 20% provision for earlier stage investments. Its mandate is to acquire controlling positions, with the option to take minority stakes.

Around half of the fund is invested in public companies.

Company
Established in 2008 and headquartered in Salo, Finland, Evondos is a healthcare technology company that produces medicine-dispensing robots. The automation of medication distribution is intended to alleviate medicine misalignment as well as ease the burden of home care staff in order to provide better on-time medical care and cut costs.

The firm employs a staff of 74, of whom 60 are based in Salo.

People
Serendipity Partners – Egil Bodd (managing partner).
Evondos – Jyrki Niinistö (CEO).

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