UK private equity investor 3i Group has created a single-use bioprocessing platform serving the biopharmaceutical sector with the acquisitions of Cellon, Silicone Altimex and TBL Performance Plastics.
TBL and Cellon were acquired from their founder owners, while Silicone Altimex had been a UK based subsidiary of 3i-backed Q Holding, which was acquired in 2015.
Cellon is a manufacturer of single-use products for bioprocessing, storage, and transport of sterile solutions, while TBL is a thermoplastic manufacturer of high purity tubing, sanitary fittings, over-moulded connections and other products.
Richard Relyea, a partner at 3i US, said, “3i has been looking for some time to build a platform serving the high growth SUT market.
“In combining Cellon, TBL and Silicone Altimex we are establishing a platform with a strong product suite of leading single-use bioprocessing technologies (SUT) solutions and clean room production capacity in North America and Europe.
“We will continue to invest in innovation, production capacity and geographic footprint to better serve our customers.”
Other recent deal activity for 3i includes the sale of Aspen Pumps to Inflexion Private Equity, sealing a 4.1x return and 34 per cent IRR.
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