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Share 2016-09-30 17:29 RATOS B 40.74 SEK

TFS - the start of a global journey

In September 2015, Ratos acquired 60% of the shares in Trial Form Support International (TFS), an international service provider that conducts clinical trials for pharmaceutical, biotechnology and medical device companies.

TFS has 25 offices in Europe and North America, and conducts trials in a total of 40 countries. The company was founded in 1996 by Daniel Spasic in Lund. Daniel will stay on as CEO and retain a 40% ownership share.

“TFS is a very attractive company in a growing global industry. Nordic values distinguish its corporate culture although the management group is spread over the US, Spain, the UK and Sweden. This is probably why we found each other. TFS’s values and corporate culture coincide with Ratos’s,” says Mikael Norlander, responsible for Ratos’s investment in TFS.

In discussions leading up to the transaction, a strategic direction was identified that relies on continued profitable growth by capitalising on the uniqueness of TFS, which is active in an expanding market segment that shows an evident consolidation trend.

“Ratos began by learning to understand the business, what drives it, how value is created for the customer and what makes TFS a success. Only after that did they start to analyse the finances. The other potential buyers did the opposite. They started with the figures. Ratos’s industrial approach was what clinched it,” says Daniel Spasic.

“Ratos understands entrepreneurs. We realised that Daniel and his team were more interested in taking the next step in developing and building TFS than in selling. With Ratos, they get the best of two worlds – the resources and the expertise we can provide coupled with the flexibility and drive of an entrepreneurial company,” says Mikael Norlander.

Ratos’s top priority now is to help TFS continue to grow. The ambition is to become the most attractive partner for small and medium-sized pharmaceutical, biotechnology and medical device companies.

Facts about the investment

Investment year: 2015
Sales 2015 (EURm): 73,7
Adjusted EBITA 2015 (EURm): 4,8