Charme Capital Partners, the European mid-market private equity fund set up by Luca and Matteo di Montezemolo and backed by a mix of first-class institutional and strategic investors, has announced the sale of its majority stake in Igenomix to the EQT investment group. The biotechnology company headquartered in Valencia is the leader in advanced genetic diagnostic services for reproductive health clinics. It was created in 2011 as a spin-off from IVI, the acronym in Spanish for the Valencia Infertility Institute, one of the best-regarded in-vitro fertilisation (IVF) clinics in the world.
As part of this transaction, Charme will continue to back the company in select R&D initiatives.
The Charme III fund was tasked with heading up the group of investors that acquired Igenomix in July 2016. Since its investment, it has boosted the company's expansion into developed and emerging markets, reinforcing its position in the US and inaugurating laboratories in the UK, Japan, Canada, Argentina, Italy, Turkey and Kuwait. The fund has also contributed additional resources which have enabled Igenomix to launch new products and continue to broaden its R&D effort aimed at introducing ground-breaking innovation in the field of genetics applied to reproductive medicine.
Those developments have resulted in revenue growth at a compound annual rate of 54% since 2013 and enabled it to file new patents in pre-clinical trials. During this next phase of its growth story, Igenomix will maintain its head offices in Valencia and its 15 laboratories across 13 different countries. In addition, the company will continue to be run by its current managing director, David Jiménez.
Matteo di Montezemolo, Founder and Managing Partner of Charme Capital Partners, said that “the Igenomix growth story is in line with Charme’s long-standing track record, supporting mid-market local companies in becoming global leaders in their respective markets. This confirms, once again, the consistency of Charme’s operating model. I would like to personally thank, also on behalf of all Charme III investors, David Jimenez and the full Igenomix team for their extraordinary results, that I am sure will further improve over the next years”.
For his part, Francisco Churtichaga, Partner at Charme, said that Igenomix “constitutes an exemplary growth story. It has been a pleasure to help the company's founders 2/2 expand their business internationally and bring it to the next level”. “The first time we invested in Igenomix we were thrilled by the potential of this high-growth, technology- based business. Going forward, we plan to continue to support the company by reinvesting some of the proceeds from this sale", he added.
Lastly, David Jiménez, Chief Executive Officer of Igenomix, said that “Charme's resources, its experience in the industry and its strategic vision have been crucial to the acceleration in growth sustained by the company in recent years. We would like to thank the Charme team for all their help and for their continued backing of Igenomix as it moves into the next stage of its trajectory”.
About Charme Capital Partners
Charme Capital Partners manages the Charme funds from its offices in London, Milan and Madrid. Founded in 2003 by Luca and Matteo di Montezemolo, the firm is backed by a unique combination of first-class institutional and strategic investors. Since its creation, the Charme funds have raised around $1 billion. They invest in fast-growing companies with the potential for international expansion, taking a pan-European approach. The Charme III fund was launched in 2015 with a pan-European investment strategy targeted at the mid-market segment and a wide range of sectors, albeit with a particular focus on the UK, Spain and Italy. The fund is targeted a fast-growing medium-sized enterprises valued at between €100 million and €500 million. The goal is to team up with existing shareholders and management teams to realise their companies' full potential and unlock transformational growth, whether organic or M&A-led. This approach enables the targets to reinforce their market positioning and in many cases to expand internationally. For more information, visit: https://charmecapitalpartners.com/
Igenomix was set up in 2011 as an extension of the prestigious Valencia-based IVF clinic, IVI. Today is it one of the leading global providers of advanced reproductive genetic services across its 15 laboratories in 13 different markets around the world. Its unwavering investment in R&D enables Igenomix to create and develop specific tools for professionals in the field of reproductive medicine. Its specialist services include preimplantation genetic screening (PGS); non-invasive pre-natal testing (NIPT); carrier genetic tests (CGT); preimplantation genetic diagnosis (PGD); and endometrial receptivity analysis (ERA). For more information, visit: https://www.igenomix.com/
Fuente: Charme Capital Partners