Summa Equity to sell HyTest in €545m trade deal

According to Mergermarket, the company was being marketed based on 2021 EBITDA of €22m, but that its current EBITDA was around €16m. 

The sale comes three years after the GP invested in the company. The deal was financed with a senior secured loan provided by EQT Credit, which is now Bridgepoint Credit.

Since Summa's investment, the company has seen consistent double-digit year-on-year revenue growth, developed its product portfolio, and grown its market presence in several key segments.

The transaction is subject to regulatory approvals and expected to close in the second half of 2021.

Company
Founded in 1994 and based in Turku, HyTest is a developer and producer of antibodies and antigens. Its customers are companies that supply in vitro diagnostics tests.

The company has 130 employees and in 2019 recorded SEK 299m (€29.5m) in revenues and an adjusted EBITDA of €15m.

People
Summa Equity – Tommi Unkuri (partner).
HyTest – Juhana Rauramo (CEO).

Advisers
Company – William Blair (financial due diligence); Avance (legal).

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