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Sunstone Capital Backs IMIX

IMIX, a Swedish provider of digital radiography systems for hospitals and specialist clinics, has raised an undisclosed amount of private equity funding from Sunstone Capital. IMIX also has agreed to merge with ARCOMA AB, an OEM supplier of medical and radiology systems and sub-systems.

PRESS RELEASE

Sunstone Capital has signed an investment agreement with IMIX, an end-user provider of superior digital radiography (DR) systems for hospitals and specialist clinics. Simultaneously IMIX and ARCOMA AB, a leading OEM supplier of medical and radiology systems and sub-systems, have signed a Letter of Intent to combine the activities of the two companies in a single holding company, IMIX Holding AB. The combined company will become a leading global supplier of radiographic solutions. The transactions underline Sunstone Capital’s position as one of the leading venture capital investors within life science in the Nordic region.

Based in Växjö, Sweden, the newly combined company IMIX Holding AB will have approximately 90 employees.

IMIX Holding AB will offer a comprehensive line of leading radiology systems and sub-systems to markets and customers around the world. The transactions enhance the strengths of both companies by creating a large portfolio of complementary products and technologies. The new structure also enhances the ability of both companies to sell their products and services through expanded access to new markets and customers. The net sales of IMIX Holding AB is approximated to 200 million SEK.

Peter Benson at Sunstone Capital said: “It is an exciting time in the development of the company and Sunstone Capital are committed to supporting management in its development plans. We are delighted to participate in the success of IMIX Holding AB and look forward to taking an active role as the company continues to strengthen its position and expand into new markets and products.”

“We believe IMIX Holding AB is uniquely positioned to further strengthen their position in the market. Firstly, there is a large market opportunity as many outdated film based x-ray instruments are being replaced with modern Digital Radiology (DR) units. Secondly, there are many opportunities among smaller hospitals and specialist clinics where the product portfolios of the large players in the industry do not provide the optimal cost benefit ratio. Thirdly, the developments in the world outside Europe and USA are happening at a rapid pace. The organization, product portfolio and strategy of IMIX Holding AB address exactly those opportunities.” Peter Benson continues.

The newly combined company will have sales/service offices in the US, EU and China along with manufacturing, research and development facilities in Växjö, Sweden, Tampere, Finland and Luzern, Switzerland.

Göran Axelsson, chairman and acting chief executive officer of IMIX Holding, said the transactions will result in enhanced financial strength, an expanded product portfolio, and stronger relationships with customers. The combined company will benefit from Arcoma’s strong R&D and its large certified manufacturing facility in Växjö, Sweden, which will support future growth and innovation.”

Per Hermansson, CEO and founder of Arcoma said companies are an ideal fit because they are both passionate about developing high-quality, affordable products for the radiology market. “We share a Scandinavian background and the same philosophy and heritage of quality,” he said. “By combining with IMIX, we will have access to increased distribution channels for our products, innovation in DR product development, and a market-leading suite of DR systems.”

Peter Benson, Managing Partner at Sunstone Capital, concluded by saying, that the transactions, too, proves Sunstone Capital as a major player in the Nordic venture capital market for early stage Life Science investments. “Sunstone Capital acknowledges that the market is challenging, yet, successful entrepreneurs and ideas – such as those behind IMIX and Arcoma – will always survive,” he said.

About Sunstone Capital

Sunstone Capital is a leading private Nordic-based venture capital investor dedicated to Life Science and Technology investments. The company invests in early stage companies and entrepreneurs with global ambition and potential. Sunstone Capital has funds under management of over 500 million Euro. The company was founded in 2007. Sunstone Capital’s limited partner investors include major Nordic and international institutional investors: Vaekstfonden, Industriens Pension, MP Pension, LD, Nordea Life & Pension, Tryghedsgruppen, Sampension, Next Wave Funds, Finnish Industry Investment and private investors via Carnegie Private Banking. For more information, visit www.sunstonecapital.com.

About IMIX

IMIX is a global company with a wide range of experience developing and producing Direct Digital products for Medical Diagnostic Imaging. An early pioneer of Digital Imaging products, IMIX was originally established in Finland in 1993, initial clinical installations have been in use since 1996. IMIX utilizes proprietary high resolution CCD-based (Charge Coupled Device) detector technology. It is a highly flexible system designed for General Radiology and Orthopedic Imaging. IMIX is well represented with offices in the UK, China, Finland, Germany and United States. IMIX is also represented in numerous countries through a network of distributors and OEM partners. For more information, visit www.imixadr.com.

About Arcoma

Arcoma, based in Växjö, Sweden, has become a market leader in its field. Among its notable products are ceiling stands, examination tables, chest units and skeletal units. Arcoma is a Swedish company with distributors worldwide. For more information, visit www.arcoma.se.

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