Binding Site purchased by Nordic Capital Fund VII

Binding Site has been acquired by Nordic Capital Fund VII in a deal designed to support the future growth of the specialist diagnostics firm.

The capital fund will pay an undisclosed fee to take control of the Birmingham-based firm from its founder, Professor Jo Bradwell, who will retain a small share of the company and keep his place on the board.

According to the company, the takeover will see Binding Site maintain its commitment to retaining its status as the world's leading supplier of IVD assays for monitoring B-Cell dyscrasias and PID.

Its current management and employees will continue to be responsible for defining the organisation's future growth strategy.

Professor Bradwell said: "We have worked very hard to be the leaders in our chosen field and in Nordic Capital I believe we have found a very supportive partner."

This comes a month after the firm relocated to new headquarters in Birmingham that are both larger and more environmentally friendly than its previous premises.