Caledonia Agrees Terms To Divest Its Holding In BioAgilytix To Cinven

Caledonia Investments plc (CLDN.L), on Wednesday, announced that the shareholders of portfolio company BioAgilytix, a provider of bioanalytical testing for large molecule research and development, have agreed terms of a majority investment in the company by international private equity firm Cinven.

Cinven's investment involves a sale of Caledonia's interest in BioAgilytix to Cinven. The company expects its gross proceeds to be about US$183 million, net of fees, and said the proceeds will be held for future investment. Caledonia's shareholding in BioAgilytix was valued by Caledonia at £51 million as at 30 September 2021.

The transaction is subject to US anti-trust approvals and is expected to complete in December 2021.

Tom Leader, Head of Caledonia Private Capital, said, "Caledonia's Private Capital strategy is to invest in high quality businesses with best-in-class management teams and BioAgilytix and Jim Datin exemplify the success of this approach. We are delighted with what the company has been able to achieve since we first invested, and would like to thank them as well as Peter Connolly and the Cobepa team, the lead investors. With Cinven's global footprint, significant resources and specialist healthcare expertise we believe BioAgilytix will continue to flourish."

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