M&A Deal Summary

HarbourVest Partners and Shenzhen Mindray Bio-Medical Electronics Acquire HyTest

On May 16, 2021, private equity firm HarbourVest Partners and Shenzhen Mindray Bio-Medical Electronics acquired life science company HyTest from Summa Equity for 545M EUR

Acquisition Highlights
  • This is HarbourVest Partners’ 8th and Shenzhen Mindray Bio-Medical Electronics’ 2nd transaction in the Life Science sector.
  • This is HarbourVest Partners’ 47th and Shenzhen Mindray Bio-Medical Electronics’ largest (disclosed) transaction.
  • This is HarbourVest Partners’ 1st and Shenzhen Mindray Bio-Medical Electronics’ 1st transaction in Finland.

M&A Deal Summary
Date 2021-05-16
Target HyTest
Sector Life Science
Buyer(s) HarbourVest Partners
Shenzhen Mindray Bio-Medical Electronics
Sellers(s) Summa Equity
Deal Type Add-on Acquisition
Deal Value 545M EUR
Advisor(s) William Blair (Financial)
Avance Attorney (Legal)

Target

HyTest

Turku, Finland
HyTest produces antibodies and antigens for the IVD industry for use as key components of various laboratory assays and kits. 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. HyTest was founded in 1994 and is based in Turku, Finland.

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Buyer(S) 2

Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 214 of 223
Sector (Life Science) 8 of 8
Type (Add-on Acquisition) 5 of 10
Country (Finland) 1 of 1
Year (2021) 4 of 13
Size (of disclosed) 47 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-07 Therapy Brands

Birmingham, Alabama, United States

Therapy Brands is a provider of fully-integrated practice management software and EHR solutions for mental and behavioral health providers. Therapy Brand's mission is to provide the best software and tools to manage your practice. Therapy Brands is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-16 Nets

Ballerup, Denmark

Nets is a payments processing utility for the Nordics region. Nets connects banks, businesses, public sector organizations, merchants and consumers through an international network facilitating digital payments. Nets was founded in 1968 and is based in Ballerup, Denmark.

Sell -
Buyer

Shenzhen Mindray Bio-Medical Electronics

Shenzhen, China
Category Company
Founded 1991
Sector Healthcare Services
Employees18,044
Revenue 34.9B CNY (2023)
DESCRIPTION

Shenzhen Mindray Bio-Medical Electronics is a developer, manufacturer and marketer of medical devices. Shenzhen Mindray Bio-Medical Electronics was founded in 1991 and is based in Shenzhen, China.

DEAL STATS #
Overall 11 of 11
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 4 of 4
Country (Finland) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-17 Wuhan Dragonbio Surgical Implant

Wuhan, China

Wuhan Dragonbio Surgical Implant Co., Ltd. ("Dragonbio"), is a domestic medical orthopedic products provider that specializes in trauma, spine, joint and other surgical products.

Buy -

Seller(S) 1

SELLER

Summa Equity

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2016
PE ASSETS 14.0B SEK
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Summa Equity is a private equity firm that looks to invest €10 to €50 million per transaction and pursues growing companies with significant business relations in the Nordic region. Summa Equity was formed in 2016 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 5 of 8
Sector (Life Science) 2 of 2
Type (Add-on Acquisition) 2 of 3
Country (Finland) 1 of 1
Year (2021) 4 of 5
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-06 Holdbart

Oslo, Norway

Holdbart is an online store sells groceries through payment solution Netaxept provided by NETS. Holdbart was founded in 2015 and is based in Oslo, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-30 myneva

Essen, Germany

myneva is an European software providers for the social care sector. myneva helps to digitize workflows and supports the increasing convergence of client needs across the elderly, disabled, social and youth care segments. myneva was founded in 2017 and is based in Hamburg, Germany.

Buy -
Mergr

Product

Company

Legal