VC-backed Ginolis sold to trade for €70m

Verso has backed the company since 2017, when it acquired a 22.4% stake in the company, making it the largest shareholder in the company. Innovestor backed the company at the same time.  

Cellink will acquire the shares on a cash- and debt-free basis, with 40% of the purchase price paid in newly issued Celling shares, and the remaining purchase price in cash.

The deal will strengthen Cellink's product offering, and support its future growth, especially with its precision dispending and bioprinting business. According to a press release, the two companies have an established relationship, which will help with a smooth integration between the companies.

The deal is subject to regulatory approval and is due to complete by 1 March 2021. 

Company
Founded in 2010 and headquartered in Oulu, Ginolis is a life sciences robotics and diagnostics automation company providing services for medical and diagnostics companies around the world.

It has a manufacturing site in Estonia, as well as sales offices in China, the UK, and the US. The company has around 90 employees. Ginolis generated revenues of €18m in 2020 and EBITDA of €2.16m. 

People
Cellink – Erik Gatenholm (CEO).
Ginolis – Teijo Fabritius (CEO).

Advisers
Equity – Vinge (legal); Krogerus (legal); Deloitte (financial due diligence, tax).  

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