GED's Vitro bolts on Cytognos

GED financed the investment via a capital increase in Vitro, which brought the stake owned by the GP in the company from 51% to 60%.

The acquisition was made via a purchase of shares owned by Clave Mayor's Technology Fund Seguranza, which invested in the company in 2009.

Following the acquisition, Vitro will bolster its business model by developing its product, by commercialising its software and reagents, and by incorporating the complementary Cytognos business line.

According to a statement, the merger will give a significant boost to the group's international expansion strategy by strengthening its commercial network and expanding its target market in developed and emerging countries. The combined group expects to reach revenues of around €25m in 2018.

GED acquired a 51% stake in Vitro, a Spanish in-vitro diagnostics equipment and reagents manufacturer, in June 2017. The GP invested via its GED V España fund.

Company
Founded in 1996 and based in Salamanca, Cytognos specialises in cytometry – a laser biophysical technology employed in cell counting – with a focus on the diagnosis of haematological disorders, mainly leukaemia. The company works in collaboration with international universities, research centres and companies. Its main clients are haematological labs, hospitals and research centres, both public and private. The company generated revenues of €4.4m in 2017, 70% of which came from abroad. 

People
Ged Capital – Enrique Centelles Satrustegui (managing partner).

Advisers
Acquirer – PwC (financial due diligence); DA Lawyers (legal).

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