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
Apollo seeks to make $3.5bn xAI chip loan tradable
Apollo seeks to make $3.5bn xAI chip loan tradable Apollo Global Management is attempting to open secondary trading on a $3.5bn private credit deal backing Elon Musk’s artificial intelligence company xAI, according to sources cited by Bloomberg. The debt was arranged...
Ares upsizes $1.6bn loan as private credit leans on deal portability
Ares upsizes $1.6bn loan as private credit leans on deal portability Ares Management has led a group of private credit lenders in increasing financing for Veritas Capital’s acquisition of Global Healthcare Exchange, according to Bloomberg. The lenders boosted the loan...
Bain Capital completes succession as David Gross becomes sole managing partner
Bain Capital completes succession as David Gross becomes sole managing partner Bain Capital has named David Gross as its sole managing partner, marking the culmination of a multi-year leadership transition at one of the world’s largest private capital groups, the FT...