Nova Exits Radioactive Biz

Nova Capital Mangement, sold German based nuclitec GmbH and its French and US based sister companies to Eckert & Ziegler Strahlen-und Medizintechnik AG for an undisclosed amount. The firm is in the market for a $300 million first fund, LBO Wire wrote.

Press release:

Nova Capital Management, the specialist acquirer of corporate and private equity portfolios, is pleased to announce that it has sold German based nuclitec GmbH and its French and US based sister companies nuclitec sarl and nuclitec Inc in a trade sale to Eckert & Ziegler Strahlen-und Medizintechnik AG.

nuclitec, (which used to trade under the name of QSA Global), specialises in the supply of high quality radio isotopes and services for the medical and measurement engineering fields. The business, which is one of the most established companies in the sector provides IsotrakTM products used in radiation instrument calibration and Auriga products for use in nuclear medicine applications. In addition, nuclitec is a leader in the processing and disposal of low and medium activity waste.

nuclitec was part of a portfolio of nine non-core businesses acquired from AEA Technology plc in October 2005 by CIP Industries, which Nova has advised since inception. Nova sold QSA Global Inc, the largest member of the QSA Group, in July 2008, to Illinois Tools Works Inc (NYSE: ITW), a $14.9 billion revenue global industrial company.

Dennis Powers, Operating Partner, Nova commented:

“nuclitec is a highly specialised business with an established reputation as a quality operator in its market. We have worked closely with the business and management over the past three years to support strategic and organic growth and wish them every future success.”

Jan Kreminski, Chief Executive, QSA Group of businesses said:

“Eckert & Ziegler is an excellent strategic fit for nuclitec, providing many synergistic benefits that should serve both companies well in a combined entity.”