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Ratos: Ratos acquires TFS

This information is disclosed in accordance with the Securities Markets Act,
the Financial Instruments Trading Act or demands made in the exchange rules.

Ratos has signed an agreement to acquire 60% of the shares in TFS Trial Form
Support International AB (TFS), an international service provider, a
so-called Contract Research Organisation (CRO), which conducts clinical
trials for pharmaceutical, biotechnology and medical device companies. The
purchase price (enterprise value) for 100% of the company amounts to
approximately EUR 47m, of which Ratos will provide equity of approximately
EUR 27m including a maximum additional purchase price.

TFS performs clinical trials on behalf of the pharmaceutical, biotechnology
and medical device industry, as well as associated industries. TFS offers
broad medical competency and niche expertise, thus providing global clinical
trials to its customers in a regulated and safe manner. The company's
offering comprises contract research services by coordinating and
implementing clinical trials, regulatory consulting and analysis of test
results. Assignments varies from execution of the entire clinical development
programme or delivering specifically selected services of the clinical
trials. TFS's services contribute to solving customers' increasing needs to
optimise internal use of resources, as well as the need for qualitative and
efficiently conducted clinical trials. TFS's services further achieve a
reduction in the clinical development time and therefore contribute
considerable value to the customers' objective of reducing time to market and
potentially increased sales.

The expanding CRO market is driven by pharmaceutical companies increasingly
focusing on their core operations (R&D), as well as the need to adhere to the
increasing requirements and complexity of the regulatory frameworks. TFS's
core expertise lies in serving small and medium-sized pharmaceutical,
biotechnology and medical device companies, where there is a growing
outsourcing trend for clinical trials and underlying growth in Research and
Development. TFS has 23 offices in Europe and North America and conducts
trials in a total of 40 countries. The number of employees amounts to
approximately 670 individuals, while sales amounted to approximately EUR 49m
in the past 12 months as per August 2015.

"TFS is an attractive company with well-established and strong customer
relations, which has developed a strong international platform in a market
segment that is expanding as the demand for these service offerings and
specific expertise increases. We can also see a distinct consolidation trend
in the industry, which could generate opportunities for attractive additional
acquisitions. By combining the founder Daniel Spasic's and the rest of the
management team's industry expertise with our background of supporting growth
companies with a clear strategic agenda, as well as our capital and expertise
in implementing additional acquisitions, we regard this as a very interesting
investment opportunity for Ratos," says Susanna Campbell, President of Ratos.

"We view Ratos's commitment and partnership in TFS as confirmation of the
value creation in the services that we deliver to our customers, our global
positioning and the unique expertise and experience of our staff. Ratos has
the qualities we seek in a long-term partner; it has demonstrated
participation and commitment in the company's future growth strategies and a
genuine interest in the knowledge and experience that exists in the
organisation. Ratos possesses impressive industrial experience that I am
convinced is required to take the company to a leading market position.
Ratos's fundamental values correspond well with TFS and together we will
strengthen the conditions for continued growth in our ambition to become the
most attractive global development partner for small and medium-sized
pharmaceutical, biotechnology and medical device companies," says Daniel
Spasic, CEO of TFS.

TFS was founded in Lund in 1996 and is currently owned by its founder and CEO,
Daniel Spasic, who has successfully developed the company into a leading
mid-sized CRO with a strong market position through considerable organic and
acquisition-based growth. Daniel will retain an ownership share of 40% in
the company and will continue to lead the company's development and growth.
Anders Ekblom has supported Ratos during the acquisition process as
Industrial Adviser and will continue to be engaged in the development. He is
very experienced in the industry, for example as Global Research manager for
AstraZeneca and previous CEO AstraZeneca AB and today as Chairman of the
Board at Karolinska University Hospital.

Ratos is acquiring 60% of TFS. The purchase price (enterprise value) for 100%
amounts to a maximum of EUR 47m. Based on estimated net debt on completion of
the deal, for its 60%, Ratos is expected to inject equity of approximately
EUR 15m plus an additional purchase price of a maximum of EUR 12m depending
on the earnings trend for 2015-16. The acquisition is scheduled to be
finalised at the beginning of the fourth quarter.

For further information, please contact:
Susanna Campbell, CEO +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, +46 8 700 17 20

Financial calendar from Ratos:
Interim report January-September 2015 6 November 2015

Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily unlisted medium sized Nordic
companies. Ratos's holdings include AH Industries, Aibel, Arcus-Gruppen,
Biolin Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, Hafa Bathroom Group,
HENT, HL Display, Inwido, Jøtul, KVD, Ledil, Mobile Climate Control, Nebula
and Speed Group. Ratos is listed on Nasdaq Stockholm and market
capitalisation amounts to approximately SEK 19 billion

Press release (PDF)


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ratos via Globenewswire


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