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
CVC exits fast-growing CDMO Genetic as founder family and new backers take over
CVC exits fast-growing CDMO Genetic as founder family and new backers take over CVC Strategic Opportunities II has agreed to exit its investment in Genetic S.p.A., an Italian pharmaceutical CDMO, transferring ownership to NB Renaissance and NB Aurora, alongside an...
Blackstone leads $1bn bid for EQT-owned healthcare tech firm AGS Health
Blackstone leads $1bn bid for EQT-owned healthcare tech firm AGS Health Blackstone has emerged as the frontrunner in the potential $1bn acquisition of AGS Health, a healthcare revenue cycle management firm currently backed by EQT, according to sources familiar with...
Japan’s GPIF commits $500m to Thoma Bravo fund as private equity allocations climb
Japan’s GPIF commits $500m to Thoma Bravo fund as private equity allocations climb Japan’s Government Pension Investment Fund (GPIF) has committed $500m to a private equity vehicle managed by Thoma Bravo, underscoring the world’s largest pension fund’s growing shift...