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
EoS Fitness explores $1bn sale as private equity interest in wellness sector heats up
EoS Fitness explores $1bn sale as private equity interest in wellness sector heats up EoS Fitness, the fast-growing US gym chain backed by BRS & Co, is exploring a potential sale that could value the business at approximately $1bn, including debt, according to...
PAI Partners receives EU clearance for acquisition of 99-hotel Motel One Group
PAI Partners receives EU clearance for acquisition of 99-hotel Motel One Group PAI Partners has secured European Commission approval for its acquisition of Motel One Group, a Munich-headquartered budget design hotel operator with nearly 28,000 rooms across 13...
Insignia Financial grants Bain Capital and CC Capital four-week exclusivity extension on $2.13bn bid
Insignia Financial grants Bain Capital and CC Capital four-week exclusivity extension on $2.13bn bid Australian wealth manager Insignia Financial has extended exclusivity for Bain Capital and CC Capital by four weeks, giving both private equity firms additional time...