Thursday, November 30, 2023

Law firm trio acts on GED Capitals´ divestment in Vitro

King & Wood Mallesons has advised GED Capital on its divestment process in Vitro Group, advised by KPMG Abogados and Garrigues, with the sale of Cytognos to Becton Dickinson and the creation of GED SPI vehicle


GED Capital has exited its investment in Vitro Group through a dual exit route, first selling its flow cytometry division (Cytognos) to the healthcare multinational Becton Dickinson (BD) in January 2022, and then its molecular diagnostics and anatomic pathology businesses into a single asset continuation vehicle branded GED Strategic Partnerships I (GED SPI) in February 2022.

Cytognos specialises in flow cytometry solutions for blood cancer diagnosis, minimal residual disease (MRD) detection, and immune monitoring research for haematological diseases. The sale of this subsidiary enables Vitro to focus as a new worldwide diagnostic player in key market segments of molecular diagnostics and anatomic pathology.

GED Strategic Partnerships I acquired GED Fund V and the founders’ remaining interest in the Company and secured additional follow-on capital to fund its value creation plan.

This single asset continuation fund, GED Strategic Partnerships I, is the third secondary transaction led by GED after a tail-end transaction in 2012, and an early secondary investment in GED España V in 2018.

The divestment has achieved a 4x multiple and a net IRR (internal rate of return) of 38%, although the details of the transaction are not yet known.

KWM advised GED with a team led by Corporate/M&A partner Pablo Díaz.

KPMG Abogados acted for Vitro S.A. with the Tax Due Diligence with a team led by M&A Tax partner Alvaro de Silva Urquijo.

Garrigues advised Vitro on the sale of Cytognos to BD, as reported by Legal Dealmaker on February 9, with a Madrid office Corporate/Commercial team led by partner Ildefonso Polo, along with senior associate Beatriz Gimeno.

- Advertisement -spot_img
- Advertisement -spot_img


Multi-law firm advice on Brown‑Forman´s acquisition of Gin Mare

Brown‑Forman Corporation has announced its agreement to purchase the Gin Mare brands from Vantguard and MG Destilerías. Upon completion of the transaction, Brown‑Forman will...

CC advises QuironSalud on sale of hospital in Peru

The divested portfolio consists of QuironSalud's stake in the flagship hospital Clínica Ricardo Palma located in Lima. Entities of the Verme family, who currently...

Evergreen advises Tresmares Capital on its entry into Proteos Biotech

Proteos Biotech specialises in producing recombinant enzymes whose products have high-quality standards backed by various certifications and scientific support. The company develops exclusive assets...
- Advertisement -spot_img