GED completes Vitro exit in single asset vehicle deal

Rachel Lewis
10 March 2022

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GED Capital has completed the exit of Vitro Group by transferring the Spanish producer of reagents for diagnostics to single asset continuation vehicle.

The GP said the GED Capital V achieved a gross return of 4.0x invested capital and 38% IRR on the exit.

Vitro had already sold Cytognos, its flow cytometry subsidiary, in a deal with listed medtech company Becton Dickinson in January.

GED transferred Vitro’s two remaining units - molecular diagnostics and anatomic pathology businesses – to continuation vehicle GED Strategic Partnerships I (“GED SPI”) in February 2022. GED Fund VI will co-invest as a minority shareholder.

GED said that the transaction will allow Vitro time and resources to focus on the launch of new in vitro diagnostics platforms this year.

The deal was led by Glendower Capital (now a division of CVC) along with, Newbury Partners, Headway Capital Partners and Argentum.

GED Fund VI held a first close in May 2019 at EUR 100m.

The company
Vitro is a global, end-to-end, diagnostics company that manufactures and distributes hardware, software and reagents. It focuses on molecular diagnostics, anatomic pathology and women’s health segments.

Advisors

GED - Fairview Capital Group (M&A/secondary); Lazard (M&A/subsidiary); KWM (legal); Garrigues (legal); KPMG (due diligence).