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.