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Alantra Private Equity has signed an agreement for the acquisition and integration of three Spain-headquartered genetic diagnostic companies: Imegen, Genycell Biotech and Health in Code.
Under the terms of the agreement, the management teams of the three companies will maintain significant stakes in the new group and will continue leading the management of the newly amalgamated business. In addition, the key shareholders of the three companies will reinvest in the new group.
With four operating centres – in Valencia, A Coruña, Madrid and Malaga – the new group will have around 160 employees and aggregate sales of more than €25 million. An Alantra statement said: “The three companies are highly complementary, so all the workforce, operating centres and laboratories of Imegen, Genycell Biotech and Health in Code will be preserved.”
The statement added: “The new company will operate in the genetic diagnosis sector in Spain, a market with double-digit growth rates and a key role in the development of preventive, personalized and precision medicine.”
David Santos, partner at Alantra Private Equity, said: “We are excited to participate as a majority shareholder in the resulting group formed by the integration of Imegen, Genycell Biotech and Health in Code, three of the most prestigious companies in the genetic diagnosis sector in Spain. This is the first time three companies in this branch of activity have merged in Spain, so the agreement is a milestone in the Iberian market. With the support of Alantra Private Equity, as well as the rest of the shareholders and the leadership of the management team, we are confident that this project will achieve high levels of national and international growth in a sector with extremely high potential.”