Alere, a global leader in rapid diagnostics announced today the completion of the previously announced sale of its BBI business to Exponent Private Equity, a UK-based private equity firm.

BBI Group provides products and services for the diagnostic, healthcare, research, defense and food industries globally.

The total purchase price was $115m, based on foreign exchange rates as of Nov, 17, 2015. Alere is eligible to receive up to an additional $4m in contingent consideration.

Alere intends to use all of the proceeds to pay down existing indebtedness.

Alere believes that when diagnosing and monitoring health conditions, Knowing now matters.

Alere delivers on this vision by providing reliable and actionable information through rapid diagnostic tests, enhancing clinical and economic health outcomes globally.

Headquartered in Waltham, Mass., Alere focuses on rapid diagnostics for infectious disease, cardiometabolic disease and toxicology.