Exponent carves out BBI for $164m

Alice Murray
17 July 2015

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Exponent Private Equity has acquired The BBI Diagnostics Group from Alere in a deal worth $164m.

Exponent invested via its third fund, marking the vehicle's second investment after Big Bus Tours. The GP held a final close for the vehicle on £1bn in April this year, exceeding its £800m target.

Company
Established in 1986, BBI specialises in products and technologies in the diagnostics, healthcare, research, defence and food industries. The company comprises three divisions: BBI Solutions, BBI Detection and BBI Healthcare.

BBI Solutions focuses on immunoassay development and manufacturing services. It supplies products used in the diagnostics market.

BBI Detection specialises in technologies for rapid sampling and identification of bio-threats and explosives for the military, first-response and security markets.

BBI Healthcare develops healthcare products including energy and digestive products for the consumer retail and healthcare professional markets.

The company listed on AIM in 2004 and was later bought by Alere in 2008. BBI is headquartered in Cardiff and employs 470 people across 10 facilities worldwide.

People
Oliver Bower led the deal for Exponent. Lyn Rees is CEO of BBI.

Advisers
Equity – Allen & Overy (Legal); Mansfield Advisors (Commercial due diligence); Jefferies (M&A); PwC (Financial due diligence).