M&A Deal Summary

Cinven and Ardian Acquire Phadia AB

On November 16, 2006, private equity firms Cinven and Ardian acquired healthcare services company Phadia AB from Silverfleet Capital and Triton Partners for 1.3B EUR

Acquisition Highlights
  • This is Cinven’s 5th and Ardian’s 4th transaction in the Healthcare Services sector.
  • This is Cinven’s 19th and Ardian’s 29th largest (disclosed) transaction.
  • This is Cinven’s 2nd and Ardian’s 2nd transaction in Sweden.
Investment Fate
  • Phadia AB was sold to a publicly-traded strategic buyer in 2011 for 2.4B USD.

M&A Deal Summary

Date 2006-11-16
Target Phadia AB
Sector Healthcare Services
Buyer(s) Cinven
Ardian
Sellers(s) Silverfleet Capital
Triton Partners
Deal Type Secondary Buyout
Deal Value 1.3B EUR
Advisor(s) Jamieson Corporate Finance LLP (Financial)

Target

Phadia AB

Uppsala, Sweden
website
Phadia AB,a provider in in-vitro allergy diagnostics and the European leader in autoimmunity diagnostics. It has a global footprint, distributing directly in 21 territories and enjoying further reach through a broad international network of distributors. The company is headquartered in Uppsala, Sweden, and employs over 1,100 people worldwide.

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Buyer(S) 2

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1977
PE ASSETS 37.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with a minimum enterprise value of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and has offices in Frankfurt, London, Paris, Hong Kong, and Milan.


DEAL STATS #
Overall 110 of 177
Sector (Healthcare Services) 5 of 9
Type (Secondary Buyout) 11 of 49
Country (Sweden) 2 of 6
Year (2006) 8 of 8
Size (of disclosed) 19 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Gondola Group

London, United Kingdom

Gondola Group Ltd. is a UK casual dining sector, operating PizzaExpress, Milano, ASK, Zizzi, BYRON and Kettners, together with a number of smaller brands.

Buy €1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-22 CBR Fashion Group

Celle, Germany

Formed in 1980, CBR Fashion Group is a women’s fashion manufacturer based in Celle, Germany. With a broad geographical presence and two established brands, Street One and CECIL, CBR is one of the foremost suppliers of women's fashion in Germany, employs over 1,200 people, and is represented in 19 European countries.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 69 of 412
Sector (Healthcare Services) 4 of 15
Type (Secondary Buyout) 16 of 133
Country (Sweden) 2 of 6
Year (2006) 32 of 36
Size (of disclosed) 29 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-28 MINT

Montpellier, France

MINT is a European telecommunication provider at a discount price. MINT provides a comprehensive range of telecommunication services: fixed or mobile, national and international, traditional or VoIP as well as a range of low-cost internet access. MINT was founded in 1999 and is based in Montpellier, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-20 KP1

Avignon, France

KP1 is a French manufacturer of high performance prefabricated concrete products, focusing on floors and structural systems for the building industry. KP1 is headquartered in Avignon, France.

Buy -

Seller(S) 2

SELLER

Silverfleet Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 2.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Silverfleet Capital is an independent private equity firm that invests in market leading businesses in growing sectors. Silverfleet looks to acquire companies headquartered in Western Europe or US-based businesses with a substantial European presence. Target companies are typically valued between €75 and €500 million and operate in sectors spanning business and financial services, healthcare, leisure, and retail/consumer. Silverfleet Capital was formerly known as PPM Capital, operating under Prudential plc. Silverfleet has offices in London, Paris, Munich, and Chicago.


DEAL STATS #
Overall 12 of 38
Sector (Healthcare Services) 1 of 5
Type (Secondary Buyout) 8 of 23
Country (Sweden) 1 of 1
Year (2006) 2 of 3
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-02 Azzurri Communications

Aldridge, United Kingdom

Azzurri Communications Ltd. is an IT Services business providing voice and data communications solutions to SME's and LE's across the UK. Azzurri’s flexible services and integrated solutions include unified communications, enterprise mobility and flexible working, networks, contact centres and document solutions.

Buy £183M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 BST Safety Textiles

Maulburg, Germany

BST Safety Textiles is headquartered in Maulburg near Lorrach (Baden-Wurttemberg). Johann Berger together with Seiba Hackelsberger, the predecessor company of BST, started the airbag manufacturing activities in 1987 and developed them into one of the leading players in the worldwide market for developing and manufacturing airbag fabrics for the automotive industry.

Sell £157M
SELLER

Triton Partners

Frankfurt, Germany

Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 15.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Triton Partners is an investment firm focused on investing in medium-size companies headquartered in Western and Northern Europe. This includes businesses in Germany, Switzerland, Austria, Denmark, Finland, Norway, and Sweden. Triton generally pursues market leading companies with the potential for change, as well as growth opportunities through operational improvements. Sectors of interest include business services, consumer products, consumer services, healthcare, and industrials. Triton Partners was formed in 1997 and is based in Frankfurt, Germany.


DEAL STATS #
Overall 5 of 39
Sector (Healthcare Services) 1 of 4
Type (Secondary Buyout) 1 of 9
Country (Sweden) 4 of 12
Year (2006) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-08 Bravida

Stockholm, Sweden

Bravida is a Nordic provider of sustainable end-to-end solutions for electrical systems, heating and plumbing, HVAC and other technical functions in properties and facilities. The Company has 12,000 employees and branches in around 180 locations across Sweden, Norway, Denmark and Finland. Bravida was founded in 1922 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-14 Alimak Group

Stockholm, Sweden

Alimak Group is a manufacturer and supplier of elevators, platforms and after-market service for the industrial and construction sectors. The Group has manufacturing operations in Sweden and China and a sales and servicing network in more than 90 countries supplying and maintaining vertical access solutions.

Buy -