Cinven is reviewing strategic options for laboratory-services company Synlab International GmbH including a potential sale, people with knowledge of the matter said.
The private equity firm has been speaking with potential advisers and could start a sale process early next year, the people said, asking not to be identified because the information is private. Cinven plans to seek a valuation of about 5.5 billion euros ($6 billion) including debt for Augsburg, Germany-based Synlab, one of the people said.
A sale of Synlab would likely attract other private equity firms, the people said. No final decision has been made, and Cinven could elect to keep the business, the people said. A spokeswoman for Cinven declined to comment, while Synlab didn’t answer phone calls seeking comment.
Cinven first invested in Synlab in June 2015, buying a majority stake from fellow private equity firm BC Partners for about 1.7 billion euros, Bloomberg News reported at the time. It combined the business with Labco SA, which it agreed to buy earlier that year for 1.2 billion euros.
Synlab, led by Chief Executive Officer Mathieu Floreani, also counts Novo A/S and Ontario Teachers’ Pension Plan as minority investors, according to its website. It operates across more than 40 countries, handling more than 500 million clinical tests annually, according to Synlab’s website.
Cinven also owns stakes in retailer Kurt Geiger and German drugmaker Stada Arzneimittel AG, according to its website.
The sale plan comes at a time when Cinven’s rival Apax Partners is also weighing a sale of diagnostic services business Unilabs. The buyout firm is working with advisers at Rothschild & Co. to look at options for the business, people familiar with the matter said last week.
Source: Bloomberg
Can’t stop reading? Read more
Capital Group and KKR expand public-private push with first equity strategy
Capital Group and KKR expand public-private push with first equity strategy Capital Group and KKR have expanded their public-private investment partnership with the launch of Capital Group KKR U.S. Equity+, marking their first integrated equity strategy. The new...
Ares leads up to $2.2bn Arcmont private credit continuation vehicle
Ares leads up to $2.2bn Arcmont private credit continuation vehicle Ares Management has emerged as the lead buyer in a secondary transaction involving a private credit portfolio managed by Arcmont Asset Management, according to Bloomberg. Arcmont is transferring loans...
Thoma Bravo nears $5bn WWEX deal to build $12bn shipping tech group
Thoma Bravo nears $5bn WWEX deal to build $12bn shipping tech group Thoma Bravo is close to acquiring WWEX Group in a deal valuing the company at nearly $5bn, as the software-focused buyout firm moves to create a shipping technology group worth up to $12bn, Bloomberg...