Press Release
Synergis Technologies Ltd: Sale of Acolyte to 3M
14th February 2007
Porton Capital's sale of Acolyte to 3M
STL's parent company, Porton Capital Ltd, has sold Acolyte Biomedica to 3M. With operations in more than 60 countries, 3M is one of 30 companies in the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500 Index.
Porton Capital first invested in Acolyte in Feb 2004 a technology spin out from Defence Science & Technology Laboratories/Ploughshare Innovations Ltd and during the following three years, we spent considerable time and energy, and provided much of the necessary investment, to lead the company into a focused product driven strategy.
This required the building of a management team to deliver leading commercial products and shareholder alignment. Porton Capital played a fundamental role in concentrating the shareholder base which resulted in us holding approximately 50% of the Company at the time of exit.
In addition we were instrumental in appointing AGI Corporate Finance, Acolyte's advisor and the executive team, led by Chairman John McKinley, that successfully negotiated and managed the exit process. Under the terms of the acquisition, 3M will pay an initial up front consideration with a further earn-out sum based on the sales of Acolyte products in the third year.
NOTES TO EDITORS
About Porton Capital
Porton Capital is a financial management company specialising
in offshore mutual funds to provide development capital for technology
commercialisation ventures. Porton Capital is a unique investor
in that it takes a proactive role in shaping the future growth and strategy
of all its portfolio companies. This includes recruiting experienced executives
and advisers, as well as shaping the business and commercial strategy of
the company through corporate introductions, product focus and rapid globalisation
of the business. Porton Capital is a core value driver in its portfolio
and this is demonstrated through successful collaborations and putting
in place the successful building blocks that can result in early exits.
Porton
works in close partnership with some of UK's key government research and
development facilities such as Dstl / Ploughshare Innovations and Rutherford
Appleton Laboratories, along with research institutions such as Cambridge
University and has been instrumental in raising capital for revolutionary
emerging technologies with worldwide market potential.
About Synergis Technologies Ltd
Synergis Technologies Ltd. has been established
as a vehicle to bridge the gap in seed and early stage technology investment.
The UK government invests substantial amounts in developing innovative
research and development emerging from universities and leading Public
Sector Research Establishments (PSRE's).
However, for most newly emerging technologies,
the process of intellectual property (IP) commercialisation is challenging.
Many aspects of the process are difficult and new, from setting strategy
to obtaining secure funding. Synergis helps bridge this gap. By offering
a plethora of services aimed exclusively at helping seed and early stage
technology, Synergis is a one-stop shop for technology commercialisation,
guiding and assisting through the rigorous stages of technology transfer
and ensuring successful investment.
With its head offices in London, Synergis
offers early stage and follow on funding for start-ups. With a dedicated
team made up of former scientists, investment professionals, commercialisation
directors and entrepreneurs, Synergis is able to understand the challenges
and hurdles faced by start-ups. Acting initially as an advisor to Porton's
Synergis Seed Fund (SSF), Synergis is also in the process of making investments
on its own balance sheet.
Harvey Boulter
CEO, Porton Capital Limited
www.portoncapital.com
Shimi Shah
CEO, Synergis Technologies Ltd
+44 (0) 207 802 5511
Shimi.shah@synergistechnologies.com
www.synergistechnologies.com
For further information please see the official press release issued by 3M http://home.businesswire.com/portal/site/3m/index.jsp?epi-content=NEWS_VIEW_POPUP_TYPE&newsId=20070214005549&ndmHsc=v2*A1133442000000*B1171498853000*C4102491599000*DgroupByDate*J2*N1000940&newsLang=en&beanID=75290669&viewID=news_view_popup