UNQUOTE

Ratos acquires 60% of TFS

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Swedish listed GP Ratos has acquired a 60% stake in Lund-based clinical trials operator TFS Trial Form Support International, in a deal valuing the whole company at т‚Ќ47m.

Ratos will provide around €15m of equity, as well as an additional €12m component dependent on TFS's performance in 2015/16.

The deal sees the founder and CEO of TFS, Daniel Spasic, retain 40% of the shares and his position as CEO. The transaction is expected to be completed by the beginning of Q4 2015.

Ratos said it views the acquisition of TFS as a clear case for acquisition-led growth, with clear opportunities for international consolidation within the industry.

Company
Founded in Lund in 1996, TFS Trial Form International is a contract research organisation, which operates clinical trials for biotech, pharma and medical device companies.

The company employs 670 people across 23 offices in Europe and North America, from which it conducts trials in 40 countries. In the year to August 2015, TFS had revenues of around €49m.

People
Susanna Campbell is the CEO of Ratos. Daniel Spasic is the founder and CEO of TFS.

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