DevCo Partners to accelerate growth of Medix Biochemica

• DevCo has acquired majority of the shares in a Finnish biotechnology company Medix Biochemica
• Medix Biochemica’s earlier majority shareholder, Minerva Foundation, will continue as a significant shareholder in the company
• Ann-Christine Sundell will continue as Medix Biochemica’s Chairman of the Board and Ismo Råman will continue as the company’s CEO
• DevCo and Minerva Foundation aim to develop Medix Biochemica into a significantly larger player in the In Vitro Diagnostics (“IVD”) sector
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DevCo Partners Oy (”DevCo”), a Finnish investment company, has acquired majority of the shares in Medix Biochemica Oy Ab (”Medix Biochemica”). Minerva Foundation will continue as a significant shareholder in the company. Ann-Christine Sundell will continue as the Chairman of the Board and Ismo Råman will continue as the CEO of the company.

Medix Biochemica is a leading manufacturer of bioreagents for the global IVD industry. In addition, it offers diagnostic tests specifically designed for the women’s health sector. Medix Biochemica was founded in 1985 and it currently employs c. 100 people at its facilities in Espoo, Joensuu and Shanghai. Medix Biochemica’s sales estimate for 2017 is c. EUR 20 million, with exports accounting for over 90% of the sales.

”We have closely followed the impressive development of Medix Biochemica for several years and we are excited about the opportunity to further accelerate the growth and development of the company, together with Minerva foundation and the company’s employees. Medix Biochemica has an excellent outlook thanks to the positive underlying market trends, the company’s exceptional reputation and highly-skilled employees. We are prepared for significant investments to support the growth and development of Medix Biochemica in the long term”, says Teemu Alahuhta, Partner at DevCo Partners.

”Medix Biochemica has been one of the pioneers in its sector since its founding. The company has achieved its current strong position thanks to a responsible ownership structure, significant investments in R&D and first-class employees. I believe that now is the right time to strengthen Medix Biochemica’s Finnish ownership base to continue the strong development of the company”, says Caj Haglund, Chairman of Minerva Foundation.

“I am pleased to get an opportunity to work together with DevCo, a long-term Finnish partner. DevCo shares the same values with Medix Biochemica and offers substantial additional resources for the development of Medix Biochemica into a significantly larger Finnish company in the IVD sector. I am convinced that through the new ownership base we will be even better positioned to meet the needs ofour global customer base”, says Ann-Christine Sundell, Chairman of the Board of Medix Biochemica.

DevCo is a Finnish investment company backed by strong anchor investors. DevCo’s investor base includes, among others, Matti Alahuhta, Georg Ehrnrooth, Antti Herlin, Ilmarinen Mutual Pension Insurance Company, Jarmo Nieminen, Ilkka Paananen, Rettig Group and Kari Stadigh.

More information:
Teemu Alahuhta, Partner
DevCo Partners Oy
Tel +358 40 521 9296
Email teemu.alahuhta@devco.fi

DevCo Partners in brief
DevCo Partners is an investment company which supports medium-sized Nordic companies to grow. DevCo focuses on individual investments into medium-sized companies, which have considerable growth potential. DevCo offers operational support to initiate and implement well-defined development programs, best-in class individuals on the Board, and long-term financial resources to support future growth. DevCo is a Finnish limited company, chaired by Matti Alahuhta, and is backed by strong anchor investors.

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