Axcel acquires Orion Diagnostica in €163m deal

The company was sold by Orion Corporation, a Finnish pharmaceuticals company listed on Nasdaq Helsinki, for a fixed purchase price of around €163m, according to a stock exchange note.

The deal marks the fourth investment from the GP's Axcel V fund, which held a €617m final close in April 2018.

Axcel said it had been following the company for several years before completing the deal, and was attracted to the company's position in a non-cyclical, growing market.

Alongside the Orion Diagnostica team, Axel intends to expand the company internationally and extend its product range. The company has a presence in several European countries, as well as China, and is entering the US market.

Company
Founded in 1974 and headquartered in Espoo, Orion is a healthcare company specialising in clinical diagnostic and hygiene monitoring tests. Orion sells products to healthcare practitioners to carry out tests during a patient's visit to diagnose conditions and determine correct treatment.

Orion's sales stood at €54m, contributing to about 5% of the wider group's net sales. Its operating profit was €8.9m, while its assets were €52m in its financial year 2017. It employs a staff of 282.

People
Axcel – Thomas Blomqvist (partner).
Orion Diagnostica – Kaisa Tarkkanen (president).

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