Charme buys 75% stake in Igenomix

As part of the transaction, venture capital house Amadeus Capital Partners acquired a 20% stake in the business, alongside Madrid-based buyout firm Aleph Capital which also acquired a minority stake in the business.

Moreover, Graham Snudden, co-founder of Cambridge-based genetic testing business BlueGnome, invested alongside the GPs and joined Igenomix's management board, while David Jimenez, CEO at Igenomix, and Carlos Simón, the company's CSO, are expected to retain their role on the company's board.

According to press reports, Charme acquired a 75% stake in the business, while Simón, who previously owned a 30% stake, and Jimenez, who owned 5%, will retain a combined minority stake. The company's co-founders, Antonio Pellicer and José Remohí, reportedly exited the business, selling their joint 60% stake, with co-founder Carlo Bertomeu selling his 5% stake.

Following the transaction, the company will aim to use the capital injection to boost its international expansion, including in China and Russia.

The deal marks the first investment for the Charme III vehicle and the first for the firm's recently hired team based in Madrid. The Spanish team includes former Doughty Hanson executive Francisco Churtichaga, hired as a partner in November 2015, and Valero Domingo, appointed as principal in April 2016.

The pan-European mid-market buyout fund Charme III held its first close on €450m in January 2015, raising committed capital from international institutional LPs and several family offices. According to a statement, the vehicle had already exceeded its €500m target at the time of publication.

Company
Founded in 2011, Igenomix focuses on genetic testing for the reproductive medicine sector, aiming to increase pregnancy rates and improve children's health. It operates eight laboratories across Spain, the US, India, Brazil, the United Arab Emirates and Mexico.

Headquartered in Valencia, the company span out from Spanish in-vitro fertilisation clinic Instituto Valenciano de Infertilidad and currently employs a staff of more than 100.

The company expects to generate €30m in revenues in 2016.

People
Charme Capital Partners – Matteo Cordero di Montezemolo (CEO); Francisco Churtichaga, Tommaso Beolchini (partners).
Amedeus Capital Partners - Andrea Traversone (partner).
Igenomix – David Jimenex (CEO); Carlos Simón (chief science officer).

Advisers
Equity – PwC (corporate finance); Araoz & Rueda (legal).
Vendor – Arcano (M&A); Garrigues Andersen (legal).

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