SILVERFLEET CAPITAL AND TRITON AGREE SALE OF PHADIA FOR €1.3 BILLION

Silverfleet Capital and Triton, the European private equity firms, have agreed the sale of Phadia, the global market leader in in-vitro allergy diagnostics, to Cinven, for €1.3 billion. The sale is subject to regulatory approvals.

Phadia is based in Uppsala, Sweden, and specialises in the development, manufacture and marketing of complete blood systems to support the clinical diagnosis and monitoring of allergy and auto-immune diseases. Phadia’s products are sold under the ImmunoCAP brand and it currently supplies more than 3,000 laboratories in 60 countries.

Silverfleet Capital and Triton acquired Phadia (formerly called Pharmacia Diagnostics) from Pfizer Inc. for $575m (€471m) in early 2004. Since then, Phadia has grown strongly (particularly in the USA and in its Autoimmunity and International divisions), and has acquired MIAB (a supplier of a wide range of rare and special allergies).

Commenting on the sale, Magnus Lundberg, Chief Executive of Phadia, said:

“We are grateful to Silverfleet Capital and Triton who have supported us throughout our continued expansion and growth. We are looking forward to developing the company further under our new ownership with Cinven.”

Gareth Whiley, a Director of Silverfleet Capital, commented:

“This has been a highly successful investment for us, and continues our excellent track record of investment in healthcare companies. We would like to thank Magnus and his team for their dedication and commitment in building and developing Phadia into such a successful company. We wish them every success with their new partners.”

Bjorn Nilsson, a partner at Triton commented:

“We are delighted to have supported Phadia in its successful development and wish the Company and the management team all the best for the future.”

Silverfleet and Triton were advised by UBS Investment Bank, Morgan Stanley, Bain, PriceWaterhouseCoopers, Clifford Chance and Vinge.