Summa Equity has acquired Finnish antibody manufacturer HyTest. No financial terms were disclosed.
Summa Equity will become majority shareholder of the Finnish company HyTest, producer of antibodies and antigens for the diagnostic industry. The growing company operates in a global market where growth is driven by an aging population, innovation and increasing investments in medical care. The investment is Summa Equity’s first in the Finnish market.
”Antibodies and antigens make it possible to diagnose and follow disease development using in vitro diagnostics (IVD). Use of this technology will increase with an aging population, continued advances in research and technology, and the global trend of increased investments in medical care and wellness. HyTest is a globally recognized leader in this space, with a reputation for exceptional quality and innovation. The company has great potential for continued growth, and we look forward to supporting the HyTest team on this journey,” says Tommi Unkuri, partner at Summa Equity.
HyTest was founded in 1994 by a group of scientists who are still members of senior management. The company, based in Turku, Finland, now has around 100 employees. HyTest’s customer base includes a large number of companies that supply IVD equipment, including many of the global leaders in the IVD market. The company is active across the globe, including US, Asia and Europe.
”Our goal since we started has been to improve health, by providing access to the latest research and technology in the arena of antibodies and antigens for diagnostic use to the market. With Summa Equity as owner, we will be able to take the next step in developing our company, for the benefit of our customers and patients,” says Maria Severina, CEO at HyTest.
Following completion of the transaction Summa Equity will be the majority shareholder in HyTest, and the founders and management team will remain as significant shareholders in the company.
About Summa Equity
Summa Equity was founded in 2016 and closed its first private equity fund in February 2017 with commitments of SEK 4.7 billion to focus on investments in the Nordic SME market. The company invests in sectors associated with three megatrend-driven themes: Resource Efficiency, Changing Demographics and Technology-enabled Businesses, and has built a portfolio of companies that contribute to positive development of the UN Sustainable Development Goals within areas such as health, education, agriculture, and technology.
HyTest produces antibodies and antigens for the IVD industry for use as key components of various laboratory assays and kits. The company has gained a market leading position in several key market segments, including cardiac markers and influenza testing reagents. HyTest’s primary customer segments are the IVD industry and large international research groups.