Andrew Elder, partner at Albion, told GrowthBusiness that the deal shows that British small businesses can ‘operate on a global stage’.

Since 2006, Albion invested a total of £2.6 million in the company, which initially pioneered developments in breast tomosynthesis, an imaging technique that focuses on the early detection of breast cancer.

The venture capital firm and the LTF led a syndicate that included the National Endowment for Science, Technology and the Arts (NESTA), investing £3 million between July 2008 and January 2009.

Elder says there were three offers ‘on the table’ for Dexela, which has been sold to healthcare company PerkinElmer for an undisclosed amount.

‘PerkinElmer bought Dexela because it has global, market-leading technologies,’ he explains.

In 2009, the business launched a range of flat panel CMOS X-ray detectors used in mammography, fluoroscopy, dental CT, cardiology and non-destructive testing.

‘PerkinElmer found we had developed a series of intellectual property and products that suited their needs but with a highly capable engineering team around it, which they wanted to acquire,’ Elder says.

‘It gives them an immediate foothold in a market that they’re familiar with but they don’t have the technology or the team capable of delivering this kind of highly advanced product.’

Investors are expected to make up to three times return on their investment from the sale.

Elder believes the deal demonstrates that there are ‘exit opportunities’, adding, ‘It just shows there are people out there with cash who want to buy good quality, market-leading companies.’

Albion currently manages approximately £230 million across nine venture capital trusts.

The LTF invests in new, high growth technology companies based in London. To date, it has completed 22 investments in eight businesses.