Caledonia Regulatory News (CLDN)

CALEDONIA INVESTMENTS PLC

CALEDONIA AGREES TERMS TO DIVEST ITS HOLDING IN BIOAGILYTIX

Caledonia Investments plc ("Caledonia") is pleased to announce that the shareholders of portfolio company BioAgilytix, a leading provider of bioanalytical testing for large molecule research and development, have agreed terms of a majority investment in the company by international private equity firm Cinven. The transaction is subject to US anti-trust approvals and is expected to complete in December 2021.

Caledonia co-invested in BioAgilytix in February 2019 alongside Belgium based investment company Cobepa and UK based specialist healthcare fund GHO Capital. The business has grown strongly since, via a mix of impressive organic growth and acquisitions in the US and Australia, expanding its geographic reach and capabilities. Throughout this time, BioAgilytix has been led by CEO, Jim Datin, who will continue in role under the new ownership. With Cinven's global footprint, specialist healthcare expertise and significant resources, we believe BioAgilytix will continue to flourish with Cinven as the new lead investor.

Cinven's investment involves a sale of Caledonia's interest in BioAgilytix to Cinven. Caledonia's gross proceeds are expected to be c.US$183m, net of fees, and will be confirmed upon completion. Proceeds will be held for future investment. Caledonia's shareholding in BioAgilytix was valued by Caledonia at £51m as at 30 September 2021.

Tom Leader, Head of Caledonia Private Capital, said:

"Caledonia's Private Capital strategy is to invest in high quality businesses with best-in-class management teams and BioAgilytix and Jim Datin exemplify the success of this approach. We are delighted with what the company has been able to achieve since we first invested, and would like to thank them as well as Peter Connolly and the Cobepa team, the lead investors. With Cinven's global footprint, significant resources and specialist healthcare expertise we believe BioAgilytix will continue to flourish."

Jim Datin, President and Chief Executive Officer of BioAgilytix, commented:

"Cinven's investment in BioAgilytix will accelerate our evolution as a contract research organisation as we look to build out new state-of-the-art laboratories, invest in our world-class team and expand both our service capabilities and geographic reach. These objectives match up perfectly with the ever-growing needs of our customers who rely on us to bring novel therapeutics to their patient populations."

17 November 2021

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This announcement contains inside information relating to Caledonia.

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Notes for editors:

Caledonia Investments

Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of £2.2bn as at 31 March 2021. The company maintains a concentrated portfolio of international quoted, private, and fund investments and has paid an increasing annual dividend for 54 years.

In the Private Capital arena Caledonia typically seeks to invest £25m to £125m in privately owned companies based in the UK, either on a majority or minority basis, where Caledonia provides enduring capital and support to investee company management teams over the longer term. The Caledonia Private Capital portfolio includes 7IM (a vertically integrated multi-asset class investment manager), Stonehage Fleming (a multi-family office providing fiduciary and investment management services to UHNW clients and families), Cobehold (the holding company of Cobepa, a European unquoted investment house), Cooke Optics (a UK manufacturer of premium cinematography lenses), and Liberation Group (a Channel Islands and South West England integrated pub and brewing business).

For additional information on Caledonia Private Capital, please visit www.caledoniaprivatecapital.com and for Caledonia please visit www.caledonia.com.

BioAgilytix

BioAgilytix is a best-in-class provider of critical bioanalysis services enabling biologic drug development by pharma and biotech sponsors. The business was founded in 2008 and is head quartered in Durham, North Carolina. The business has laboratory facilities in Hamburg Germany, Boston Massachusetts, San Diego California and Melbourne Australia.

BioAgilytix has a strong track record of providing quality, dependable bioanalytical support and scientific expertise to the pharmaceutical and biotech community to more effectively bring their products to market. Bioanalytical testing covers multiple therapeutic areas across various stages of the drug development process. The business has a relentless focus on best in class science and quality demonstrated by its pristine regulatory track record with no FDA 438s during the entire 13 year history.

For additional information on BioAgilytix, please visit: www.bioagilytix.com.

Cinven

Cinven is a leading international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, Frankfurt, Paris, Milan, Madrid, New York, Guernsey and Luxembourg.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Limited, the adviser to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.

In this press release 'Cinven' means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo1) S. ὰ.r.l., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.

Transaction

The divestment of BioAgilytix was led by Chris Hodges and James Lander for Caledonia.

Macfarlanes (Stephen Drewitt, Nic Page and Alice Temkin), Mintz (Larry Naughton and Ed Pease) and Deloitte (Tim Haden and Sam Ward) provided legal and tax advice to Caledonia.

Neither the contents of Caledonia's, BioAgilytix's or Cinven's websites, nor the contents of any website accessible from hyperlinks on such websites (or any other website) is incorporated into, or forms part of, this announcement.