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Private equity in action - Case Study


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Country Sweden
Region Ostra Mellansverige
Investor Cinven

Phadia, based in Sweden, is a leading in-vitro allergy diagnostics and autoimmunity diagnostics business. Private equity firm Cinven acquired the company in 2007 with a strategy to assist Phadia in growing its core business to reach its full potential, both strategically and operationally. This involved product development; accelerating revenue growth via expansion and professionalisation of the sales force, particularly in the US; and supporting internationalisation into emerging markets such as India, China and Brazil.

Under Cinven's ownership, Phadia became a true global leader, distributing directly in 21 territories across the world and enjoying further reach through a broad international network of distributors. When Cinven sold the company in 2011, it employed 1,500 people worldwide.

Magnus Lundberg,



We have forged a very close partnership with Cinven who have brought real sector insight, clarity of thinking to our strategy, and hands-on support. Quotation Marks Graphic

capital gain for investors in Cinven’s fund


increase in headcount

What did the business need?

  • Geographic expansion in high-potential and under-penetrated markets
  • Investment in R&D and sales force
  • Improvements in organisational effectiveness

How did private equity backing create lasting value?

  • Best in class practices implemented across regions to drive efficiency and organisational effectiveness
  • Expansion and optimisation of the sales force in high-potential regions
  • Enhanced monitoring and targeting processes
  • Roll-out of Phadia’s full product range into the US
  • Accelerated expansion in emerging markets, particularly in China and India
  • Acquisition of Phadia’s Chinese distributor and setting up an Indian office

What outcomes did private equity investment achieve?

  • Sale of Phadia to trade buyer Thermo Fisher Scientific in May 2011 for €2.47bn
  • 3.4x return for investors in Cinven’s fund
  • Doubling the revenue growth rate, with EBITDA up from €96m to €146m during investment
  • Headcount increase from 1,000 in 2007 to around 1,500 in 2011
  • Phadia had more than 5,000 systems installed in more than 3,000 labs by 2011

More information




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