Canadian healthcare private equity firm Persistence Capital Partners (PCP) has sold EnvironeX Group Inc, a Québec City-based laboratory testing company.
Terms weren’t disclosed. The buyer was Eurofins Scientific SE, a bioanalytical testing services provider headquartered in Luxembourg.
Founded in 2005 by CEO Marc Hamilton, EnvironeX provides testing services for customers in the environment, agrifood and health and pharmaceuticals sectors in Québec. PCP initially invested in 2015.
Two years ago, Eurofins raised a $289 million investment from Caisse de dépôt et placement du Québec.
The EnvironeX deal follows PCP’s sale of Medisys Health Group Inc in August.
PCP Announces Sale of EnvironeX Group Inc. to Eurofins
MONTREAL, Oct. 31, 2018 /CNW Telbec/ – Persistence Capital Partners (“PCP”), a leading Canadian healthcare-focused private equity fund, is pleased to announce the sale of EnvironeX Group Inc. (“EnvironeX”) to Eurofins Scientific (EUFI.PA), a global scientific leader in bioanalytical testing (“Eurofins”).
Founded in 2005 by Marc Hamilton and supported by PCP since 2015, EnvironeX is a leading provider of Testing services to the Environment, AgriFood and Health & Pharmaceuticals sectors in Quebec, Canada. EnvironeX operates three laboratories and one service point, employs 275 staff and is expected to generate ca. CAD30m of revenues in 2018. EnvironeX has grown steadily over the last decade, servicing a broad customer base, including industrial clients, municipalities, engineering firms and environmental consultants in sectors such as Agrifood, Agriculture, Health and Pharmaceuticals.
EnvironeX will complement Eurofins’ environment testing footprint in Canada, which employs over 180 staff and operates from four laboratories and three service centres. The additional staff, locations, coverage and technical expertise will promote Eurofins’ growth agenda in Canada, and its global commitment to the environment testing sector.
“PCP is proud to have invested in EnvironeX. Today, the Company is the benchmark for service and excellence in the environmental testing space in Canada. This excellence has allowed the Company to experience significant growth and expand its service offerings over the last number of years,” said Stuart M. Elman, Managing Partner at PCP. “For the second time, it has been a privilege to collaborate and support a strong Quebec entrepreneur in Marc Hamilton and his team, as they set new standards for innovation and service, allowing PCP to deliver outstanding returns to our investors. We wish them continued success as they become part of Eurofins, a global leader in the sector.”
About Persistence Capital Partners
Persistence Capital Partners is Canada’s leading private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market. PCP has offices in Montreal, Quebec, and Toronto, Ontario. For more information about Persistence Capital Partners, please visit www.persistencecapital.com, or contact:
Stuart M. Elman
Managing Partner, Persistence Capital Partners
For more information about Eurofins Scientific, please visit www.eurofins.com or contact:
Phone: +32 2 766 1620