DevCo-backed Medix Biochemica adds-on two US companies

The company has acquired 100% stakes in both companies, which have combined annual sales of €5m. 

The bolt-ons will be the second and third acquisitions by the firm, which in November 2019 acquired Lee BioSolution, also a US-based medical firm.

DevCo acquired a majority stake in Medix Biochemica in February 2018 for an undisclosed amount and used its second single-asset structure to acquire the company. DevCo has so far created three funds, with each fund investing in a single company.

DevCo partner Teemu Alahuhta told Unquote that he had been in talks with the two companies for about two years. 

He said the deals were not backed by fresh equity and that they were paid for using some debt and the cashflow generated by Medix BioChema.

Medix Biochemica's revenues have grown from €23m in 2018 to €34m in 2019. 

Company
Founded in 1990 and headquartered in Red Wood City in California, Biostride is a researcher, developer and primary manufacturer of antibodies, and antigen and enzyme conjugates for the in vitro diagnostics (IVD) manufacturing industry.

Founded in 1995 and based in North Berwick in Maine, ECB is a supplier of antigens, antibodies, blocking buffers, and specialised immunoassay reagents for the IVD manufacturing industry.

People
DevCo - Teemu Alahuhta (partner). 
Biostride – Todd Corneillie (president). 
East Coast Bio – Clark L McDermith (founder, CFO). 
Medix Biochemica – Steve Ferguson (CEO). 

Advisers
Equity – Feinberg Hansen (legal). 
Vendor – Pivotal Scientific (financial due diligence). 

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