Adelis Equity

Adelis Equity Partners (“Adelis”) has raised 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 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 through innovation and new product development as well as strategic M&A. SSID joined forces with San Diego based CTK Biotech in 2020, significantly broadening the group’s rapid testing operations and expanding its geographic footprint beyond SSID’s strong position in Europe to also include emerging markets.

By now joining forces with the Virginia-based leading gastrointestinal diagnostics company TechLab, SSID broadens its infectious disease product offering further 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.

“We believe rapid diagnostics and self-testing will continue to change healthcare. The restructuring of our ownership has enabled the acquisition of TechLab, but importantly also gives the group significant capital for further acquisitions and enables Adelis to continue to support the business for many more years” says Rasmus Molander at Adelis.

In the transaction, Adelis Equity Partners Fund I fully exits its investment in SSID to a consortium consisting of the FCV, Adelis’ latest flagship fund and affiliates, the company’s management and board, and the Adelis team.

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 (“LACERA”) as junior lead.

Adelis was advised by Lazard, Akin Gump, Kromann Reumert, Vinge, White & Case, Gernandt & Danielsson, Troutman Pepper, Boston Consulting Group, and PWC on the transaction.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 35 platform investments and more than 150 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital. For more information, please visit

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