Labquality Oy acquired by growing healthcare group COR Group – Neuvoa Advisors advisor to the sellers
Neuvoa Advisors advised the shareholders of Labquality Oy in their negotiations with Cor Group. The company was previously owned by 25 Finnish entities, including healthcare districts, the Association of Finnish Municipalities, the Finnish Society of Clinical Chemistry and the Finnish Red Cross. The objective of the transaction is to drive Labquality’s growth and Cor Group’s international business.
Founded in 1971, Labquality promotes patient safety by improving the quality of health- and social care. The Company offers quality assessment schemes for medical laboratories and point-of-care testing sites and certification and education services to health- and social care organizations. The Company’s revenues in 2019 were ca. 8 MEUR, and it employed ca. 50 people. The Company serves ca. 6 500 clients in over 50 countries.
”The acquisition strengthens COR Group’s existing services for manufacturers of healthcare technology and medical devices. We share Labquality’s vision regarding the industry’s necessity for high quality and will now be able to offer even broader expertise and services to our clients. Labquality’s international distribution network is very complementary to our operations and our goal is to become the leading Nordic supplier in the field, offering comprehensive services regarding quality and registration”, says director Olli Karhi from COR Group Oy.
The sellers remark that the Company’s ownership has been broad and included many smaller shareholders, which has brought its own challenges regarding company development and strategic planning. Diversifying the share capital has no longer been considered as an option. The full divestment to COR Group offers Labquality a stable Finnish owner with strong industry expertise and a track record of successfully developing business in the sector.
”Labquality has worked for nearly 50 years to improve the quality of health- and social care and to promote patient safety. With the new concentrated ownership, our strategic foundation is strengthened, and we continue our operations as an independent company with new vigour”, says Labquality’s CEO Mia Lindström.
COR Group is a growing Finnish healthcare group established in 1988, whose business model is to acquire businesses into its family of healthcare companies. The group encourages and helps companies to create something new by offering resources for R&D and for developing sustainable businesses. The group’s revenues in 2019 amounted to ca. 225 MEUR, and it employed ca. 3600 professionals in healthcare and well-being around Finland.
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