Nordic Capital and Five Arrows to exit The Binding Site

• The Binding Site’s revenues grew fivefold to £200 million in 2022 under Nordic Capital and Five Arrows’ ownership
• The Binding Site provides diagnostic products to clinicians and laboratory professionals
• The deal is expected to be completed in the first half of 2023

Nordic Capital and Five Arrows have entered into a definitive agreement to sell The Binding Site to Thermo Fisher Scientific in a deal valued at £2.25 billion ($2.6 billion;€2.6 billion).

Nordic and Five Arrows acquired Birmingham, England-headquartered The Binding Site in 2011. The company provides diagnostic products to clinicians and laboratory professionals that aid the detection, diagnosis and management of blood cancers and immune system disorders.

Under the ownership of Nordic and Five Arrows, The Binding Site grew fivefold with revenues of approximately £200 million in 2022, selling over 40 million tests globally.

The deal is expected to complete in the first half of 2023. The buyer, Thermo Fisher Scientific, is a serving science company headquartered in Waltham, Massachusetts.

“During Nordic Capital’s ownership the company has experienced strong growth and transformation, achieved by a dedicated focus on R&D investment, commercial focus and global expansion,” said Raj Shah, partner and head of healthcare at Nordic and Jonas Agnblad, partner at Nordic and board member of The Binding Site.

Nordic Capital is a private equity firm headquartered in Stockholm. It invests across the healthcare, technology and financial services sectors. Since its inception in 1989, the firm has invested close to €22 billion in 130 companies.

Five Arrows is the European corporate private equity arm of Rothschild & Co. It is headquartered in London and has €2.8 billion of assets under management and invests in Western European middle-market companies.