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
MHA acquires Baker Tilly’s Greece and Cyprus unit in €24m post-IPO expansion deal
MHA acquires Baker Tilly’s Greece and Cyprus unit in €24m post-IPO expansion deal UK-based accountancy firm MHA has agreed to acquire Baker Tilly South East Europe in a €24m deal, marking its first cross-border acquisition since listing on the London Stock Exchange’s...
Vista’s Robert Smith says AI keeps tech compelling for private equity despite volatility
Vista’s Robert Smith says AI keeps tech compelling for private equity despite volatility Vista Equity Partners Founder and CEO Robert Smith has reaffirmed his conviction in the tech sector, stating that AI-driven opportunities continue to make technology stocks...
Thoma Bravo invests over $100m in HubSync to scale accounting tech platform
Thoma Bravo invests over $100m in HubSync to scale accounting tech platform Thoma Bravo has committed more than $100m in strategic growth capital to HubSync, a leading tax and accounting automation platform serving major CPA firms across North America. Founded in...