Caledonia Investments sells stake in Agilytix to Cinven

Caledonia Investments said investors in portfolio company Agilytix were selling their interest to Cinven.

The company said its gross proceeds were expected to be $183m net of fees, with the cash to be held for future investment. Caledonia's shareholding in BioAgilytix was valued by Caledonia at £51m as at September 30.

The deal is subject to US anti-trust approvals and is expected to complete in December 2021.

Caledonia co-invested in BioAgilytix in February 2019 with Belgium-based investment company Cobepa and UK based specialist healthcare fund GHO Capital.

In a separate statement Cinven said Cobepa, which is BioAgilytix' current majority investor, will reinvest in the business and keep a minority stake.