IdentiGEN

The business

IdentiGEN is a leading provider of DNA based animal traceability solutions to the global agri-food industry with operations in the US, UK and Europe.

The deal

IdentiGEN had developed a market leading product with a blue-chip customer base supported by an incumbent institutional investor and other individual shareholders. However, management saw an opportunity to scale the business organically through geographic expansion, investment in people and infrastructure and the commercialisation of other product applications. MML Ireland’s local presence and partnership approach enabled us to build a strong relationship with management. From MML Ireland’s perspective, there were positive market dynamics with consumers increasingly focused on traceability and sustainability alongside a management team that combined a strong scientific and commercial track record. MML invested for a majority stake with management rolling the majority of their value alongside us.

The exit

MML Ireland helped IdentiGEN in a number of ways. MML Ireland’s involvement enabled the further international expansion of the business with increased presence in the US and Europe and facilitated the required investment in laboratory equipment to increase capacity. These core strategic initiatives were supported by a significant increase in annual spending on sales and marketing, enabling the business to build a broader and stronger commercial team. All of the above underpinned the winning of significant new business internationally with turnover more than doubling over the course of our investment. In August 2020, MML Ireland and management successfully exited the business via a strategic trade sale to MSD Animal Health, a division of Merck & Co.