Sale of Company
Telegraph Hill Partners
|Date Announced:||March 2017|
Dynex Technologies, headquartered in Chantilly, Virginia, with offices in Hong Kong, Germany and the U.K., pioneered microplate technology more than 60 years ago, and has since delivered a series of cutting edge, best-in-class ELISA processing systems, including the 4-plate DSX, 2-plate DS2 and Agility high throughput systems. Dynex designs each of its products to meet the rigorous demands of the clinical laboratory.
Convergence was engaged by Dynex and its financial sponsors to pursue a strategic alternatives for Dynex including a sale of the Company. Convergence worked with management to craft a strategic message that highlighted Dynex’s unique position as a long-time industry leader in open-source ELISA systems in addition to its technologies investment in its next generation M2 system. Through the course of the process, Telegraph Hill emerged as the strategic partner best positioned to enable Dynex to optimize the value proposition for the company going forward.
Dynex was formerly a merged entity with Magellan Diagnostics before the companies were separated and as a result, they had similar shareholder bases including key investor Ampersand Capital. Following the success of the sale of Magellan in 2016, a transaction in which Convergence served as the exclusive sale advisor, the Dynex Board engaged Convergence to seek strategic opportunities for Dynex.