Acquisition BlueBee has positive impact on NAV
18 June 2020
Today Illumina, Inc. announced the acquisition of BlueBee Holding (Rijswijk, The Netherlands). BlueBee is since March 2016 a portfolio company of Capricorn ICT Arkiv, in which Quest for Growth participates and a direct co-investment of Quest for Growth since December 2017.
BlueBee has been founded in 2011 and has evolved into a rapidly configurable genomics data analysis solutions provider that enhances the value of omics technologies and services. BlueBee enables its partners—molecular assay providers, large-scale clinical and research service providers, and biopharma—to scale globally by delivering a production-ready, robust infrastructure that is regulatory compliant and user-centric.
The acquisition of BlueBee has a positive impact on the NAV of Quest for Growth of about € 6 million or € 0.35 per share. This impact is a combination of the increase in value of the direct investment and the investment through Capricorn ICT Arkiv and it includes a discount on the amount that will be kept in escrow.
The announced transaction is the third successful exit of Capricorn ICT Arkiv. In 2015, Capricorn ICT Arkiv realised the successful exit of its investment in Cartagenia and in 2018 of Noona Healthcare. The BlueBee transaction confirms that the strategy to invest indirectly in unquoted companies via Capricorn funds, including co-investments, can have a strong positive impact on the results of Quest for Growth.
BlueBee is also a good example of the “data to actionable insights” strategy and the subfocus on Digital Healthcare, also followed for the Capricorn Digital Growth Fund where Quest for Growth is cornerstone investor. This fund, which recently increased its committed capital to more than € 50 million, is expecting a final closing by the end of the year.