Eurofins divests its Digital Testing business
Eurofins Scientific (EUFI.PA), the global leader in food testing and a global scientific leader in bioanalytical testing, announces the signing of an agreement to divest its Digital Testing business to Stirling Square Capital Partners (“Stirling Square”) for €220m on a cash and debt free basis. This business contributes approximately 1 percent of the Group’s sales and employs over 600 staff.
Eurofins’ Digital Testing was established in 2015 and has increased substantially in size and profitability over the past few years through organic growth, strategic investments and bolt-on acquisitions to expand its range of digital testing tools and services as well as its global reach. Eurofins Digital Testing provides global testing, quality assurance and technical analysis of digital systems, devices, content and cyber security. It is recognised as one of the leading players in its space in terms of technology, innovation and service quality.
Dr Gilles Martin, Eurofins CEO, says: “Over the last 7 years, Eurofins Digital Testing has successfully grown to become a recognised leader in its space. In order to facilitate its further development, we have decided to pass the ownership of the business to Stirling Square. We wish the team at Eurofins Digital Testing further success on their onward journey.”
For Eurofins, proceeds from the divestment will support the Group’s capital allocation priorities, including capital expenditure in laboratories, digitalisation and acquisitions to further enhance its leadership in bioanalytical testing and other life science areas. Completion of the transaction is subject to the approval of the relevant authorities and is expected to occur before the end of 2022.
Baird acted as M&A advisor to Eurofins on this transaction.
Notes to Editors:
For more information, please visit www.eurofins.com or contact:
Investor Relations
Eurofins Scientific SE
Phone: +32 2 766 1620
E-mail: ir@eurofins.com
Stirling Square Capital Partners
Fergus Wheeler
Phone : +447710128347
E-mMail : fergus@ferguswheeler.com
About Eurofins – the global leader in bio-analysis
Eurofins is Testing for Life. Eurofins is the global leader in food, environment, pharmaceutical and cosmetic product testing, and in discovery pharmacology, forensics, advanced material sciences and agroscience Contract Research services. Eurofins is also a market leader in certain testing and laboratory services for genomics, and in the support of clinical studies, as well as in BioPharma Contract Development and Manufacturing. The Group also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing and in-vitro diagnostic products.
With over 61,000 staff across a decentralised and entrepreneurial network of 900 laboratories in 61 countries, Eurofins offers a portfolio of over 200,000 analytical methods to evaluate the safety, identity, composition, authenticity, origin, traceability and purity of a wide range of products, as well as providing innovative clinical diagnostic testing services and in-vitro diagnostic products.
The Group’s objective is to provide its customers with high-quality services, innovative solutions and accurate results on time. Eurofins is ideally positioned to support its clients’ increasingly stringent quality and safety standards and the increasing demands of regulatory authorities as well as the requirements of healthcare practitioners around the world.
In 2020 and 2021, Eurofins reacted quickly to meet the global challenge of COVID-19, by creating the capacity to help over 20 million patients monthly who may have been impacted by the pandemic with our testing products and our services and directly supporting healthcare professionals working on the front line to fight the virus. The Group has established widespread PCR testing capabilities and has carried out over 40 million tests in its own laboratories, is supporting the development of a number of vaccines and has established its SAFER@WORK™ testing, monitoring and consulting programmes to help ensure safer environments, travel and events during COVID-19.
Eurofins has grown very strongly since its inception and its strategy is to continue expanding its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions.
Shares in Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0014000MR3, Reuters EUFI.PA, Bloomberg ERF FP).
Until it has been lawfully made public widely by Eurofins through approved distribution channels, this document contains inside information for the purpose of Regulation (EU) 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as amended.
About Stirling Square Capital Partners
Stirling Square Capital Partners was established in 2002 as a pan-European private equity firm which invests in mid-market companies with enterprise value of €100m to €500m. The firm manages over €2.5bn on behalf of a global and diverse investor base.
Important disclaimer:
This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgment of Eurofins Scientific’s management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantees can be made as to their completeness or validity.