ArchiMed carves out Diesse from PZ Cormay

Alessia Argentieri
23 May 2019

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European healthcare private equity firm ArchiMed has wholly acquired Italian in vitro diagnostics specialist Diesse Diagnostica Senese.

Diesse was acquired from Orphée, the Swiss subsidiary of Warsaw-listed diagnostics group PZ Cormay and from the company's founders.

AchiMed paid €13.3m to acquire the shares controlled by Orphée, which equate to a 45% stake in the company. An additional sum of up to €1.2m might be added to the final purchase price depending on the company's performance in 2019.

The acquisition was made by ArchiMed via a Luxembourg-based holding company named Duomodiag.

The GP deployed capital from its Med II fund, which held a final close on €315m in September 2017. In addition, debt financing was provided by Italian banks MPS Capital Services and BPER.

ArchiMed appointed a new board of directors to introduce a team of specialists from the IVD industry with an operational track record in the Italian and international markets. With ArchiMed's support, the new management team intends to further accelerate the company's innovation and drive market penetration in Italy and internationally.

This is the second carve-out inked by the GP in the last three months, following the acquisition of viral vaccines producer BE Vaccines from India-based Biological E. In the Italian market, ArchiMed recently completed the take-private of Milan-listed healthcare logistics specialist Bomi Group.

Company
Established in 1980, Siena-headquartered Diesse is a developer of in vitro diagnostics for infectious and autoimmune diseases, and hematology tests for inflammation. The company generated revenues of €22m in 2018, selling its products in 100 countries worldwide. Diesse employs 150 people.

People
ArchiMed – Loïc Kubitza, Vincent Guillaumot (partners).
Diesse Diagnostica Senese – Carlo Arezzini, Francesco Cocola, Franco Meiattini, Antonio Ricci (founders).

Advisers
Equity – Dentons (legal); Deloitte (financial due diligence).
Vendors – Gatti Pavesi Bianchi (legal); Azimut Global Counseling (corporate finance); Giovannelli e Associati (legal).