Trivector Scientific ropes in BDO to advise on JV with Origio
Origio, Denmark, picks up stake in Trivector Scientific to gain foothold in India.
- (1888PressRelease) April 06, 2012 - Trivector Scientific Private Limited, India's largest Assisted Reproductive Technology (ART) company, announced their joint venture and long-term partnership with ORIGIO a/s, a world leader in Assisted Reproductive Technology (ART) solutions. Origio a/s, a listed medtech company on the Oslo Stock Exchange will acquire 51% of Trivector Scientific Private Limited. BDO, the world's fifth largest accountancy network, acted as the sole advisors to the deal.
As per the terms ORIGIO will pay a total of EUR 3.3 million for 51% of the shares in Trivector. The joint venture will focus on introducing and selling more equipments, consumables, disposables, culture media, providing other maintenance services and to increase awareness about the issue in the society.
Trivector Group, established in 1993, is a pioneering name in the field of ART in India. The company offers 360-degree solutions to infertility Clinics -- from setting up of ART labs, supply of equipment, labware, media for training of embryologists, clinicians and counsellors and offering quality control and auditing services to clinics. Trivector Group has been providing services for most ART clinics operational in India.
ORIGIO, through its cutting-edge research and innovation, aims to provide the best of products to medical professionals who help infertile couples achieve their dream of having a child.
Dilip Patil, Founder President and owner, Trivector Scientific Private Limited said,
"We have a 17-year long relation with the ORIGIO group and we look forward to be a part of the largest focused ART player world-wide. I am certain that the combination of the two companies is the optimal setup for capturing the huge growth potential in the Indian ART market."
Studies have estimated that the Indian ART market in 2011 represented approximately 75,000 cycles. The number of ART treatments in India will grow by approximately 20-25% per year over the next five years and this will place India among the three largest ART markets world-wide in 2016. The growth is expected to result in the establishment of a large number of ART clinics over the next couple of years.
Jesper Funding Andersen, CEO, ORIGIO a/s said, "Trivector has impressively built its business over the past two decades and it is today, by far, the strongest player in the Indian ART market. This partnership is important strategically for ORIGIO, as it will give us a leading platform and strong presence in the fast growing Indian ART market."
According to Kirti Shah, Director, Corporate Finance Advisory Services, BDO India, "There is increasing awareness about infertility conditions and their treatment in India and we have to thank people like Dilip and Sangeeta, who have worked tirelessly in this sector for the past 18 years to create this. They have helped bring the latest technologies in India through their principal relationships and have been instrumental in creating awareness about cryo banking, including cryo donation for treatments. We wish them and Origio a successful partnership ahead and hope that they continue to leave their mark on this fast growing medical trend in infertility treatments."
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