Mar 15 2010
Sunstone Capital has signed an investment agreement with IMIX, an
end-user provider of superior digital radiography (DR) systems for
hospitals and specialist clinics. Simultaneously IMIX and ARCOMA AB, a
leading OEM supplier of medical and radiology systems and sub-systems,
have signed a Letter of Intent to combine the activities of the two
companies in a single holding company, IMIX Holding AB. The combined
company will become a leading global supplier of radiographic solutions.
The transactions underline Sunstone Capital’s position as one of the
leading venture capital investors within life science in the Nordic
region.
“Sunstone Capital acknowledges that the market is
challenging, yet, successful entrepreneurs and ideas – such as those
behind IMIX and Arcoma – will always survive”
Based in Växjö, Sweden, the newly combined company IMIX Holding AB will
have approximately 90 employees.
IMIX Holding AB will offer a comprehensive line of leading radiology
systems and sub-systems to markets and customers around the world. The
transactions enhance the strengths of both companies by creating a large
portfolio of complementary products and technologies. The new structure
also enhances the ability of both companies to sell their products and
services through expanded access to new markets and customers. The net
sales of IMIX Holding AB is approximated to 200 million SEK.
Peter Benson at Sunstone Capital said: “It is an exciting time in the
development of the company and Sunstone Capital are committed to
supporting management in its development plans. We are delighted to
participate in the success of IMIX Holding AB and look forward to taking
an active role as the company continues to strengthen its position and
expand into new markets and products.”
“We believe IMIX Holding AB is uniquely positioned to further strengthen
their position in the market. Firstly, there is a large market
opportunity as many outdated film based x-ray instruments are being
replaced with modern Digital Radiology (DR) units. Secondly, there are
many opportunities among smaller hospitals and specialist clinics where
the product portfolios of the large players in the industry do not
provide the optimal cost benefit ratio. Thirdly, the developments in the
world outside Europe and USA are happening at a rapid pace. The
organization, product portfolio and strategy of IMIX Holding AB address
exactly those opportunities.” Peter Benson continues.
The newly combined company will have sales/service offices in the US, EU
and China along with manufacturing, research and development facilities
in Växjö, Sweden, Tampere, Finland and Luzern, Switzerland.
Göran Axelsson, chairman and acting chief executive officer of IMIX
Holding, said the transactions will result in enhanced financial
strength, an expanded product portfolio, and stronger relationships with
customers. The combined company will benefit from Arcoma’s strong R&D
and its large certified manufacturing facility in Växjö, Sweden, which
will support future growth and innovation.”
Per Hermansson, CEO and founder of Arcoma said companies are an ideal
fit because they are both passionate about developing high-quality,
affordable products for the radiology market. “We share a Scandinavian
background and the same philosophy and heritage of quality,” he said.
“By combining with IMIX, we will have access to increased distribution
channels for our products, innovation in DR product development, and a
market-leading suite of DR systems.”
Peter Benson, Managing Partner at Sunstone Capital, concluded by saying,
that the transactions, too, proves Sunstone Capital as a major player in
the Nordic venture capital market for early stage Life Science
investments. “Sunstone Capital acknowledges that the market is
challenging, yet, successful entrepreneurs and ideas – such as those
behind IMIX and Arcoma – will always survive,” he said.