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
HarbourView secures $500m in debt financing from KKR
HarbourView Equity Partners, an alternative asset management firm focused on investments in the sports, media and entertainment space, has secured approximately $500m in a debt financing led by global investment firm KKR. Investment accounts advised by Kuvare Asset...
US private equity giant invests £108m into Flagstone
Cash deposit platform Flagstone has received £108 million equity investment. The deal sees Estancia Capital Partners, a US financial services specialist private equity firm, take a minority stake in the business. Co-founded by Andrew Thatcher and Simon Merchant,...
Mattioli Woods and Maven to be acquired in £430m deal
WEALTH management firm Mattioli Woods has agreed to the terms of a takeover offer from private equity investor Pollen Street Capital in a deal that values it at around £432million. The deal will see investors in Mattioli Woods – which has an office on Queen’s Terrace...