Axcel exits Aidian to Nordstjernan

Axcel had been exploring a dual-track process for the business since October 2021 with Rothschild and Carnegie, as reported. 

The GP bought Aidian from its Axcel V fund in 2018 in a carve-out from Finnish pharmaceuticals company Orion for a EUR 163m. Orion could also receive a variable component of up to EUR 60m based on Axcel's ROI on exiting. 

Aidian reported sales of around EUR 100m in 2021, said Nordstjernan. Filed accounts show it had sales of EUR 50m in 2020, sources put the revenue growth down to significant acquisitions and growth from COVID-19 testing. 

It had EUR 20m EBITDA in 2021, said sources. 

The company had been planning to list on the Helsinki Stock Exchange in the first quarter of 2022, as reported. 

The transaction is expected to close in Q1 2022.

The company
Aidian provides IVD instruments and tests globally, particularly in the point-of-care market. It has an installed based of more than 60,000 QuikRead Go diagnostic instruments worldwide.

Advisors

Axcel/Aidian - Rothschild & Co (M&A), Roschier (legal) and KPMG (due diligence).

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