Feb 28, 2007
Dako gets new owners
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’
“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
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
Douglas D. Deltour HT(ASCP)
Professional Pathology Services, PC
One Science Court
Columbia, SC 29203
PROFESSIONAL PATHOLOGY SERVICES, PC
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[mailto:email@example.com] On Behalf Of Bobrowitz,
Sent: Thursday, March 15, 2007 2:22 PM
Subject: [Histonet] DAKO Corporation
I just heard that Dako was sold. Does anyone have the inside scoop /
It sure surprised me. I've worked with Dako products since 1981.
Carol Ann Bobrowitz
Medical College of Wisconsin
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