Exponent Private Equity LLP has acquired BBI Group from Alere Inc for $115 million. BBI Group is a provider of products and services to the diagnostic, healthcare, research, defense and food markets.
WALTHAM, Mass., Nov. 19, 2015 /PRNewswire/ — Alere Inc. (NYSE: ALR), a global leader in rapid diagnostics announced today the completion of the previously announced sale of its BBI business to Exponent Private Equity LLP, a UK-based private equity firm. BBI Group provides products and services for the diagnostic, healthcare, research, defense and food industries globally.
The total purchase price was $115 million, based on foreign exchange rates as of Nov, 17, 2015. Alere is eligible to receive up to an additional $47 million in contingent consideration.
Alere intends to use all of the proceeds to pay down existing indebtedness.
Cautionary Note Regarding Forward-Looking Statements
This press release contains information about future expectations, plans and prospects of Alere’s management that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements regarding: the intended use of proceeds from the sale of BBI. These statements reflect the Company’s current views with respect to future events and are based on management’s current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with demand for the company’s products, market and economic conditions and unanticipated expenses, and other risks identified in the Company’s Annual Report on Form 10- K/A for the fiscal year ended December 31, 2014, among others. The Company undertakes no obligation to update any forward-looking statements contained herein.
Alere believes that when diagnosing and monitoring health conditions, Knowing now matters.™ Alere delivers on this vision by providing reliable and actionable information through rapid diagnostic tests, enhancing clinical and economic health outcomes globally. Headquartered in Waltham, Mass., Alere focuses on rapid diagnostics for infectious disease, cardiometabolic disease and toxicology. For more information, please visit www.alere.com.