Autologic Diagnostics in £46m management buyout


Autologic Diagnostics LogoAutologic Diagnostic Limited (‘Autologic’), manufacturer of dealer-level diagnostic tool Autologic has announced a £46m management buyout funded by ISIS Equity Partners (“ISIS”).

The investment by ISIS will allow some of Autologic’s current shareholder base to realise their holdings while also supporting the continued rapid growth of the business. Since the investment by Foresight and Octopus Investments in 2009, Autologic’s turnover has grown significantly from £6.2m in 2009 to £14.5m in 2011.

The management team led by Executive Chairman Kevin Finn, Managing Director Peter Toland and Technical Director Ian Jones are rolling over a significant portion of value into Newco alongside ISIS. Foresight is realising part of its investment but also rolling over value into Newco, while Octopus Investments will exit in full.

Peter Toland, Managing Director of Autologic Diagnostics said of the management buyout, “We see in ISIS a strong, knowledgeable partner who will work with the management team to continue to drive the growth of the business while retaining focus on developing market leading products and providing unrivalled customer support. The past three years have been tremendously successful for Autologic as the business has internationalised. The investment by ISIS, together with the continued investment of Foresight and the management team will support the business in its next stage of rapid growth.”

Autologic’s unique blend of dealer-level diagnostic equipment backed with an unrivalled technical support infrastructure is sold in over 50 markets throughout the world, with Technical Support Centres established in the UK, US and Hong Kong. After a period of strong international expansion, Autologic acquired its US master distributor in June 2010. The new investment by ISIS will support the business in its continued overseas expansion, building on the international distributor network where there is significant potential for further growth.

The business will also continue to develop its brands, products and translation options, with some of the brand packages now available in French, Spanish, German, Portuguese and Chinese.

Daniel Smith, Director of ISIS Equity Partners stated, “Autologic is a superb UK technology success story.

The Company already delivers a world class product and service to 50 countries around the globe. We are delighted to have the opportunity to invest in and work with the Autologic team to propel the business even further and faster in the years to come.”

Autologic were also quick to reassure existing users that in spite of the management buy-out, Autologic’s normal technical support service would not be disrupted in any way going forward.

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