3i to sell Panreac

3i is said to have given investment bank Arcano a sales mandate, and reports suggest various trade players in the US and Asia, among them Bio-Rad, have expressed interest.

Barcelona-based Panreac manufactures reagents for laboratory analysis and chemical products for industrial use by the pharmaceutical, foodstuff, chemical and research and development sectors, hospitals and universities. The company was founded in 1941 and employs some 230 people. It  reported a €40m turnover last year.

In November 2004, 3i acquired a 75% stake in Panreac, in a deal totalling at €48.5m. The management team took a 20% stake, with private investors holding the remainder.

At the time of publishing 3i had not returned calls requesting information.

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