EQT Sells HemoCue to Quest Diagnostics.STOCKHOLM, Sweden -- EQT EQT Environmental Qualification Test EQT Engine Qualification Test EQT Engineering Qualification Testing EQT Equatorial Crossing Time EQT Emotional Quotient Theory EQT Engineer Qualification Tables II B.V. ("EQT") has sold HemoCue, a leading point-of-care diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease company, to Quest Diagnostics Quest Diagnostics Incorporated (NYSE: DGX) is a United States corporation which provides clinical laboratory services . The company also has a business presence in England and Mexico. Quest Diagnostics is a member of the Fortune 500 and the S&P 500. . EQT acquired HemoCue in December 1999 from Mallinckrodt, Inc. and has since substantially developed and reshaped the business. Following the acquisition, a strategic shift was made to selectively invest in HemoCue to broaden the product range, strengthen operations and expand the sales and marketing organization. HemoCue is today a leading player in the development, manufacturing and marketing of professional point-of-care diagnostics systems. The fundamental concept behind HemoCue's products is the ability to perform common blood and urine tests at the point of care without sacrificing the accuracy and precision offered by a central clinical laboratory. The Company's current core business includes three main product lines; hemoglobin testing, professional glucose testing and a new product line addressing the market for urine albumin testing. Customers are physician office laboratories, hospital wards, blood banks and diabetic clinics in over 100 countries. HemoCue, with headquarters in Angelholm, Sweden has annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of approximately $ 90 million and has about 340 employees. "HemoCue has, during EQT's ownership, reshaped the distribution organization in the US, expanded sales into new markets around the world and significantly increased the R&D efforts. HemoCue has today, in addition to the core business, an exciting product pipeline with a number of new tests addressing several large markets with significant unmet need. We see the sale of HemoCue to Quest Diagnostics as a natural next step in the company's development. Quest Diagnostics, being the largest independent US provider of clinical laboratory testing services, has the necessary resources and knowledge to further develop HemoCue", said Fredrik Atting, Partner at EQT Partners
EQT Partners , who advises EQT's funds. Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. acted as sole financial advisor and Vinge as legal advisor to EQT and HemoCue on this transaction. EQT is a group of private equity funds that manages approximately [euro] 10.5 billion in equity in 10 funds. EQT Partners, acting as investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki, Frankfurt, Munich and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . EQT realises its business concept by acquiring, financing and developing high-quality medium sized companies in Northern Europe and Greater China. EQT serves as an active owner and works in close co-operation with the management of the companies it acquires, to develop and implement value-enhancing strategies. In total EQT has invested in about 50 companies. This information was brought to you by Waymaker http://www.waymaker.net |
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