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
Dolphin Capital acquires Zip World for £100m, plans further expansion
Adventure company Zip World has been sold to private equity firm Dolphin Capital in a £100m deal aimed at driving further growth. Founder Sean Taylor will retain a minority stake in the company, which has become a leader in the UK adventure sector since its launch in...
US-based private equity firm Atlas Holdings acquires Lendlease UK, eyes long-term growth opportunities
US-based private equity firm Atlas Holdings agreed to acquire Lendlease UK in a strategic deal that underscores the growing consolidation in the UK construction sector. The acquisition, set to complete by mid-2025, will make Lendlease UK the 27th company in Atlas’...
EIG Global Energy Partners secures $1.3bn exit in Maverick Natural Resources deal
Private equity giant EIG Global Energy Partners has struck a $1.28bn deal with Diversified Energy Company, marking a significant move in the energy sector. The acquisition, which includes $700m in debt, values the combined entity at $3.8bn. The deal is a major step...