Synermed Europe Ltd (United Kingdom) - Nov 2007

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01 November 2007

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The South East Growth Fund (SEGF), a regional venture capital fund managed by WM Enterprise, has invested £250,000 in Synermed Europe Ltd, a developer of clinical chemistry diagnostics systems. The funding follows on from the investment of £250,000 SEGF made in April 2006 to support the management buyout from Canada-based parent company Synermed International, which saw SEGF take a majority stake in the business (8 May 2006, page 24). In that investment HSBC provided senior debt and working capital facilities. The new capital will be used to continue the organic expansion of the company.

Company

Burgess Hill-based Synermed Europe is a specialist developer of clinical chemistry diagnostics systems for both the human and veterinary markets. The company’s IR200 analyser, designed for veterinary in-practice testing, has become an established and successful product on the market, while the business is also currently attracting considerable attention for its WellPet programme, which offers affordable wellness tests for animals and is expected to drive significant future growth. Synermed Europe was formed in 1991 and currently employs 18 people, generating turnover of £2m.

People

Avent Bezuidenhoudt led the transaction for SEGF, while chairman Douglas Evans and managing director Dr Paddy Maguire represented Synermed Europe.

Advisers

Equity - DMH Stallard, Stephen Rogers, Vincent O'Brien (Legal)Management - Adams & Remers, Douglas Stewart (Legal)

Sourced from: UK & Ireland unquote" 358 (Dec 2007)