SOURCE: Dako A/S

February 28, 2007 04:00 ET

Dako gets new owners

GLOSTRUP, DENMARK -- (MARKET WIRE) -- February 28, 2007 --


Private equity fund EQT V ("EQT") has signed a definitive agreement to acquire 100% of Dako, a leading Denmark-based supplier of systems for cancer diagnostics in pathology laboratories. The total consideration for the transaction is DKK 7.25 billion

Dako is one of the world's leading developers, manufacturers and marketeers of systems for cancer diagnostics in pathology laboratories. In 2006 Dako generated sales of more than DKK 1,700 million, corresponding to a growth rate of 10% compared to 2005. With more than 1,250 employees and a presence in more than 20 countries, Dako covers most of the global pathology markets with reagents, instruments and software for high-quality, safe diagnosis.

Dako is currently owned by the Harboe family (61%), Novo Nordisk (27%) and others (12%). The total consideration for the transaction is DKK 7.25 billion (enterprise value).

"The Dako Group has been a family-controlled business ever since its inception in 1966. The family and its shareholders have now decided to find a buyer who can take the company forward and further develop the business, maintaining the Dako name and brand. We are convinced that Dako and our employees will have greater growth potential with EQT as the new owner," says Sonnich Fryland, Chairman of Dako's Board of Directors.

"The Corporate Management of Dako is very satisfied that EQT, with its industrial approach, has acquired our company. Over the past two years we have worked hard to refocus the business of the Dako group to improve both growth and profitability. We now have a new growth strategy, we have new products in our pipeline, and with the support from EQT we will be able to make the investments necessary to accelerate our growth even further. Dako has the strongest brand name in the pathology market. By having industrial support from a financially strong owner, we will be able to expand our successful business model going forward," says Patrik Dahlén, CEO and President of Dako.

The EQT equity funds have a strong track record of fostering growth and value creation in the companies they own. Over the past 12 years the funds have invested in 43 companies in Europe, resulting in an annual average increase in sales and number of employees of 11% during the EQT funds' ownership period.

"EQT is very pleased to add Dako into our portfolio. Dako has a powerful position in an exciting growth market in cancer diagnostics. Our intention is to support management in the further development of the company in accordance with the strategy as outlined by management. Dako will remain headquartered in Copenhagen, Denmark, and we will continue to build on the Dako brand in order to realize Dako's full potential," says Ole Andersen, Senior Partner at EQT Partners.

The transaction is conditional upon the approval of the relevant competition authorities and the approval of the transaction by a shareholders meeting in Dako.

Lehman Brothers is acting as exclusive financial advisor to the Dako Group and its shareholders. Bech Bruun is providing legal advice to the Dako Group and its shareholders.

A new Board of Directors will be appointed by EQT and Dako's Corporate Management.

Media contacts:

EQT
Johan Hähnel, Communications & PR, +46 706 056 334

Dako A/S
Anne Thommesen, Corporate Communications, +45 40 63 95 93
Dako A/S is a Denmark-based, world leading provider of systems for cancer diagnostics. Hospital and research laboratories worldwide use Dako products to make precise diagnoses and determine the most effective treatment of patients suffering from cancer. With more than 1250 employees and a presence in more than 20 countries, Dako covers most of the global pathology markets. Remaining markets are covered by distributors in 50 countries. www.dako.com

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