Metenova

From Technical Edge to Global Market Leader

When Priveq entered Metenova, a relationship was already in place. We had worked with the founders and CEO in another company, which had built a foundation of trust and a shared understanding of how to develop businesses for the long term. As Metenova began to grow and faced pivotal decisions about its future direction, discussions about a partnership were initiated.

"It was a privilege to be asked to join forces once again with the same team of entrepreneurs. We knew the founders and management from our time as co-owners in NovAseptic and therefore had great respect for the expertise and knowledge they possessed," says Magnus Hardmeier, Chairman and Partner at Priveq.

"We were also impressed by how Metenova, in a relatively short period of time, had managed to establish itself as a technologically leading player with a strong offering and a unique market position," says Louise Nilsson, CEO and Partner at Priveq.

"We were very pleased to welcome Priveq as a growth partner in Metenova. Priveq has broad experience with growth companies and we were convinced that we were getting the right support for the next step in our development," says Johan Westman, CEO of Metenova.

"We saw great opportunities to continue our planned growth with Priveq as a strong ownership partner. It gave us a strong position to realise the opportunities we saw in the market and carry out the initiatives we wanted to pursue in order to reach our full potential," says Lennart Myhrberg, one of the founders of Metenova.

How to Scale Growth?

Metenova operates within liquid pharmaceutical manufacturing and develops mixers that enable reliable and sustainable blending of substances. The company had at an early stage reached a position of global technical leadership in its field — something Priveq saw as a clear validation of a strong growth platform. At the same time, Metenova faced a similar challenge to that seen in Priveq's previous investment: how to expand a new business area in a controlled manner — in this case, mixers for Single Use applications. Both parties found reassurance in joining forces once again.

The pharmaceutical industry moves fast. Within liquid pharmaceuticals, the shift has moved from small molecules to large biological molecules and, following the covid-19 pandemic, also to mRNA platforms. For Metenova, this meant both increased opportunities and new demands for innovation and scalability.

Active Ownership in Practice

Priveq became a partner to the founders and CEO in December 2018. An early focus was on aligning around a clear ownership agenda and strengthening the company's board. An important element was the recruitment of an independent chairman with extensive international experience in building companies within healthcare. The choice fell on Rolf Classon, who had long been part of Priveq's industrial network and played a significant role in several previous successful investments.

The board composition was a deliberate balance between founders, representatives from Priveq, and independent members — including one further individual with extensive experience from international vaccine manufacturing. The ambition was to create a board that combined the company's technical expertise with commercial and industrial experience.

One of the shared goals was to make Metenova IPO-ready within three years — not as an end in itself, but as a way of preparing the company for its next ownership phase, whatever form that might take. At the same time, the most significant strategic investment was made in the new Single Use business area. The goal was to achieve both proof of concept and proof of business within five years.

A Journey That Created Both Scale and Strength

During the investment period, 2018–2023, the covid-19 pandemic broke out and fundamentally affected Metenova's customers. Many pharmaceutical companies focused entirely on vaccine development, which partially benefited Metenova as vaccines are liquid pharmaceuticals. At the same time, a large share of production took place in Single Use facilities, where Metenova's new product was not yet fully developed. The period demanded resilience, careful prioritisation, and long-term thinking in decision-making.

Towards the end of Priveq's investment period, Metenova had not only consolidated its global technical leadership but also achieved global market leadership. Financially, the company grew approximately four times over the period, while profit increased around ten times — a result of both growth and the scalability built into the business model.

Sustainability as a Value Driver

An important value driver was also the focus on sustainability. Metenova developed a patented re-use alternative for magnets — a rare earth metal — which contributed to both a reduced environmental impact and increased resource efficiency.

Johan Westman, CEO of Metenova: "We have made enormous progress during Priveq's ownership period and built a market-leading mixer portfolio. We are now at a stage in our development where we can take advantage of a faster expansion into the single-use market, where many of our customers are scaling up their operations. Repligen is the ideal partner for us to take the next growth step and we truly look forward to it. We would like to thank Priveq for their contribution during their ownership and for having had the opportunity to be part of the Priveq family."

Our investment in Metenova concluded in 2023, following a period defined by technical development, international expansion, and clear value-creating growth.