Epiris announces the sale of Electra Private Equity PLC's ("Electra") minority interest in Labco, the clinical laboratory services group, to Cinven. The deal is subject to competition clearance.
The sale of Labco was agreed earlier this week, in a deal with an enterprise value of c.€1.2 billion. Following completion Electra will receive total proceeds of c.€22 million, which based on current exchange rates, would represent a 13% uplift from the 31 March 2015 valuation of €19.5 million.
Labco is a pan-European medical diagnostics services group and a market leader in France, Italy, Spain and Portugal. It operates over 160 laboratories and more than 1,000 collection centres. Labco performs 150 million tests for 20 million patients each year.
Epiris refers to Epiris LLP acting on behalf of its client Electra Private Equity PLC.