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ARCHIMED’s MED II fund earns a 6x return on its first exit

 May

 9, 

2022

The purchase of point-of-care specialist EUROLyser by Antech Diagnostics brings EUROLyser’s innovative technology and expansion opportunities to Europe and beyond.

Trans-Atlantic private equity healthcare specialist ARCHIMED announces the sale of point-of-care diagnostics specialist EUROLyser to Antech Diagnostics, part of Mars Veterinary Health. This first exit for ARCHIMED’s MED II – the fund raised €315 million in 2017 – earns six times the money invested in EUROLyser, or an 80 percent annualized return. EUROLyser, purchased three years ago – with company management holding a significant minority position – also hands more than half of the capital raised for MED II back to investors and marks the fund as a top-decile performer among all global buyout funds for its vintage year, according to Preqin data.

Founded in 2005, Salzburg, Austria-based EUROLyser designs and engineers patented point-of-care testing equipment and kits, diagnosing a wide range of conditions in animals and humans. Point-of-care testing is done at the time of consultation, leading to the immediate availability of results and more timely, informed decisions concerning treatment.

Working in partnership with management – including company founders – ARCHIMED increased EUROLyser’s profits more than two-fold, boosting average annual sales growth to more than 25% during its three-year holding period – up from the high single-digits in the years prior to its purchase. This was achieved through various strategic actions, including investing in efficient technologies (such as remote access to in-the-field analyzers); negotiating a range of commercial partnerships with veterinary care groups; additional sales expansion in the US; and hires to strengthen regulatory affairs and research and development. Two board members, both in vitro diagnostics experts who played key roles pursuing growth, Dr. Dirk Ehlers and Michael Williams, were recruited through ARCHIMED’s MedTalents® (a global network of ARCHIMED-associated senior healthcare executives who identify, facilitate and advise on deals and counsel portfolio companies).

“ARCHIMED knew exactly what we needed to not let opportunities slip by. The partnership with Antech is an example of this.”

Michael Gruber, co-founder and CEO of EUROLyser.

“We’re pleased to have helped EUROLyser reach its next stage of growth,” says ARCHIMED Managing Partner Vincent Guillaumot.

Adds Lonnie Shoff, President of Antech, “We believe EUROLyser will help us make a better world for pets due to its global footprint, unique products and the expertise of its R&D and management teams.”

Following the sale of EUROLyser, the fully invested MED II owns ten companies, including two other diagnostics specialists: Diesse, a developer of both in vitro systems for detecting autoimmune and infectious diseases (including Covid-19), and hematology systems for diagnosing inflammation; and ZytoMax, a developer, manufacturer and distributor of precision medicine cancer tests.