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
Goldman Sachs Alternatives acquires majority stake in Trackunit, partnering with Hg for next growth phase
Goldman Sachs Alternatives acquires majority stake in Trackunit, partnering with Hg for next growth phase Goldman Sachs Alternatives acquired a majority stake in Trackunit, a Denmark-based SaaS and IoT platform provider for the construction industry, from Hg and GRO...
Carlyle and SK Capital take bluebird bio private in $477m deal
Carlyle and SK Capital take bluebird bio private in $477m deal Carlyle and SK Capital Partners agreed to acquire gene therapy pioneer bluebird bio in a deal valuing the company at up to $477m per share. The acquisition, set to close in the first half of 2025,...
SVP targets $6.5bn for distressed debt fund as market turmoil creates opportunity
SVP targets $6.5bn for distressed debt fund as market turmoil creates opportunity Strategic Value Partners (SVP) is targeting $6.5bn for its latest distressed debt fund, marking a 30% increase from its $5bn predecessor, which closed $1bn oversubscribed in 2021. The...