Akin Gump Advises Adelis Equity Partners on Major GP-Led Secondary
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(London) – Akin Gump advised Adelis Equity Partners (“Adelis”) on the formation of a Fund Continuation Vehicle (“FCV”) to acquire SSI Diagnostica Group (“SSID”), a portfolio company of Adelis Equity Partners Fund I, alongside the company’s management and board, Adelis Equity Partners Fund III and the Adelis team. In connection with the transaction, SSID completed a transformational acquisition of a US company, TechLab Inc.
SSID, headquartered in Denmark, is a global in-vitro diagnostics company that has grown significantly since Adelis invested in the business in 2016. By now joining forces with the Virginia-based leading diagnostics company TechLab, SSID broadens its offering and lays the foundation for accelerated growth in the US.
The joint group will have combined annual sales of more than USD 160 million, more than six times the size of SSID when Adelis invested in the business in 2016.
The FCV, which is managed by Adelis, is backed by several institutional investors, including StepStone Group as the lead investor, and Los Angeles County Employees Retirement Association as junior lead.
“It has been fabulous to see Adelis continue its tremendous success from its debut fund onwards,” said John Daghlian, lead partner advising Adelis.
“We never hesitated in picking John Daghlian and his team for this assignment given our strong history together” said Adalbjörn Stefansson at Adelis. “The Akin Gump team delivered excellent work on an unusually challenging timeline.”
The transaction was led by Simon Ellis and John Daghlian. They were supported by fellow secondaries specialist and partner Daniel Quinn; partner Davina Garrod; and associates Michelle Liptakova and Andrzej O'Leary.
To learn more about this transaction, please click here.
The team at Akin Gump have worked with Adelis since advising on its debut fund in 2013. Since then Akin Gump has advised on Adelis’ two succeeding funds.
Akin Gump has one of the largest and most accomplished secondary teams working on deals globally. The team is based in the United States, Europe and Asia and has been advising on secondaries transactions since the inception of the industry. In the past 12 months the team have advised on USD 26 billion of secondaries transactions, 31+ GP led deals and 12+ LP portfolio sales.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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