Cinven Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cinven has acquired 13 companies. It has also invested in 1 other.

Cinven’s most common sectors for investment are publishing (7%) and business services (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (47%) and secondary buyout (27%). In total, Cinven has invested in 9 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired Amadeus IT Group SA for $4.9B.

In the last 3 years, Cinven has exited 4 companies. The Firm’s most common exit type is ipo (32%). Cinven’s largest (disclosed) exit occurred in 2013 when it sold GE AVIO S.r.l. for $3.7B.

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M&A Summary

  • M&A Total Activity276
    • M&A Buy Activity163
    • M&A Sell Activity113
  • Total Sectors Invested 45
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 79
  • M&A Advisors 32

Cinven

21 St. James’s Square,
London, SW1Y 4JZ
United Kingdom
+44 (0)20 7661 3333
www.cinven.com
info@cinven.com

Cinven is a large 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.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Defense, Distribution, Electrical Equipment, Engineering, Financial Services, Food, Furniture, Gaming, Healthcare Services, Insurance, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Oil/Gas Exploration, Packaging, Plastics, Publishing, Restaurants, Retail, Safety/Security, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Secondary Buyout, Venture

Geographic Preferences: East US, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 200 -
Enterprise Value 400 -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.4/yr) # 146 3 4 6 3 1 163
vol $71.7B $507M $4.4B $76.6B
Sell (1.2/yr) # 107 2 3 - 1 - 113
vol $29.4B $731M $30.1B
  276

Most Recent M&A

Company Date Value Type
Lonza Specialty Ingredients 2021-02-08 4.4B CHF Divestiture
Basel, Switzerland
BioClinica, Inc. 2020-12-10 - Merger
Princeton, New Jersey · www.bioclinica.com
Compre Holdings Ltd. 2020-11-30 - Secondary Buyout
London, United Kingdom · www.compre-group.com
Miller Insurance Services LLP 2020-11-09 - Divestiture
London, United Kingdom · www.millerinsurance.co.uk
TK Elevator GmbH 2020-02-27 - Divestiture
Essen, Germany · www.thyssenkrupp-elevator.com
Barentz 2019-11-26 - Buyout (LBO, MBO, MBI)
Hoofddorp, Netherlands · www.barentz.com
LGC Ltd. 2019-11-21 - Secondary Buyout
Teddington, United Kingdom · www.lgcgroup.com
National Seating & Mobility, Inc. 2019-10-04 - Secondary Buyout
Franklin, Tennessee · www.nsm-seating.com
SciQuest, Inc. 2019-07-08 - Secondary Buyout
Morrisville, North Carolina · www.sciquest.com
INSEEC U. (Inseec Business School) 2019-03-05 - Buyout (LBO, MBO, MBI)
Paris, France · www.inseec-u.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
TK Elevator GmbH 2020-02-27 Sdiptech AB - Swedish Elevator Business 2021-02-19 1
Essen, Germany · www.thyssenkrupp-elevator.com Stockholm, Sweden
Synlab Group 2015-06-26 Synlab Group - Analytics & Services business 2020-11-10 1
Augsburg, Germany · www.synlab.de Augsburg, Germany
Barentz 2019-11-26 Maroon Group LLC 2020-10-14 1
Hoofddorp, Netherlands · www.barentz.com Avon, Ohio · www.maroongroupllc.com
Visma Oy 2010-09-25 Onguard Holding 2020-02-20 61
Oslo, Norway · www.visma.com Amsterdam, Netherlands · www.onguard.com
Jost World GmbH 2008-06-10 Ålö AB 2019-12-13 1
Neu-Isenburg, Germany · www.jost-world.com Umea, Sweden · www.alo.se
Visma Oy 2010-09-25 VerzuimSignaal 2019-11-04 3
Oslo, Norway · www.visma.com Utrecht, Netherlands · www.verzuimsignaal.com
Frans Bonhomme SAS 2005-10-20 Saint-Gobain Group - Distribution de Matériaux pour les Travaux Publics (DMTP) 2019-07-18 1
Joué lès Tours, France · www.fransbonhomme.fr Paris, France
Visma Oy 2010-09-25 ProLøn A/S 2019-06-24 60
Oslo, Norway · www.visma.com Randers, Denmark · www.proloen.dk
Visma Oy 2010-09-25 Roxit BV 2019-02-11 59
Oslo, Norway · www.visma.com Zwolle, Netherlands · www.roxit.nl
Visma Oy 2010-09-25 Extenda Retail 2018-09-20 2
Oslo, Norway · www.visma.com Stockholm, Sweden · www.extendaretail.com

M&A by Sector

Sector Current # Value All-time # Value
Publishing - - 10 (6%) 10.3B (14%)
Business Services 2 (5%) 604M (3%) 10 (6%) 1.2B (2%)
Healthcare Services 1 (3%) 1.4B (7%) 8 (5%) 8.1B (11%)
Retail 2 (5%) 1.7B (8%) 8 (5%) 4.4B (6%)
Life Science 2 (5%) 1.9B (10%) 8 (5%) 3.5B (5%)
Leisure 1 (3%) 1.3B (7%) 7 (4%) 1.3B (2%)
Chemicals 1 (3%) 4.4B (22%) 6 (4%) 5.8B (8%)
Financial Services 3 (8%) 711M (4%) 6 (4%) 1.4B (2%)
Insurance 4 (11%) 338M (2%) 6 (4%) 338M (< 1%)
Information Technology 3 (8%) 2.2B (11%) 5 (3%) 7.1B (10%)
Food - - 5 (3%) 4.0B (5%)
Media - - 5 (3%) 2.4B (3%)
Manufacturing - - 5 (3%) 2.3B (3%)
Communications 1 (3%) - 5 (3%) 811M (1%)
Machinery 3 (8%) - 5 (3%) 44M (< 1%)
Consumer Products - - 5 (3%) -
Distribution 2 (5%) 716M (4%) 4 (2%) 2.1B (3%)
Electrical Equipment - - 4 (2%) -
Medical Products 1 (3%) - 4 (2%) -
Gaming - - 3 (2%) 3.5B (5%)
Restaurants - - 3 (2%) 2.4B (3%)
Consumer Services - - 3 (2%) 2.0B (3%)
Plastics 1 (3%) 1.0B (5%) 3 (2%) 1.5B (2%)
Automotive 1 (3%) - 3 (2%) -
Packaging - - 3 (2%) -
Software 1 (3%) - 3 (2%) -
Aerospace - - 2 (1%) 3.6B (5%)
Agriculture 1 (3%) 507M (3%) 2 (1%) 1.2B (2%)
Building Materials - - 2 (1%) 345M (< 1%)
Transportation - - 2 (1%) 166M (< 1%)
Beverages - - 2 (1%) -
Energy Services and Equipment - - 2 (1%) -
Internet Software and Services 1 (3%) - 2 (1%) -
Technology Hardware - - 2 (1%) -
Test/Measurement Equipment 2 (5%) - 2 (1%) -
E-Commerce 1 (3%) 3.3B (16%) 1 (1%) 3.3B (4%)
Information Services - - 1 (1%) 1.5B (2%)
Apparel/Textiles - - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Defense - - 1 (1%) -
Education 1 (3%) - 1 (1%) -
Engineering - - 1 (1%) -
Furniture - - 1 (1%) -
Oil/Gas Exploration - - 1 (1%) -
Safety/Security 1 (3%) - 1 (1%) -
Total 37 $20.0B 165 $74.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 8 (22%) 1.4B (7%) 85 (52%) 21.9B (29%)
United States 4 (11%) - 17 (10%) 6.0B (8%)
  North Carolina 1 (3%) - 2 (1%) 580M (1%)
  Texas 1 (3%) - 2 (1%) -
  Virginia 1 (3%) - 1 (1%) -
  Tennessee 1 (3%) - 1 (1%) -
  Pennsylvania - - 1 (1%) 4.3B (6%)
  Ohio - - 1 (1%) 915M (1%)
  New Jersey - - 1 (1%) -
  Massachusetts - - 1 (1%) -
France 5 (14%) 4.0B (20%) 14 (8%) 5.3B (7%)
Germany 7 (19%) 3.1B (16%) 12 (7%) 7.0B (9%)
Spain 3 (8%) 1.8B (9%) 10 (6%) 8.2B (11%)
Netherlands 1 (3%) - 9 (5%) 5.7B (8%)
Sweden 2 (5%) 604M (3%) 4 (2%) 3.4B (5%)
Italy 1 (3%) - 3 (2%) 2.9B (4%)
Poland 2 (5%) 3.3B (16%) 2 (1%) 3.3B (4%)
  Pennsylvania 1 (3%) - 1 (1%) -
Switzerland 1 (3%) 4.4B (22%) 2 (1%) 4.7B (6%)
Norway 1 (3%) 1.3B (7%) 1 (1%) 1.3B (2%)
Colombia 1 (3%) - 1 (1%) -
Turkey 1 (3%) - 1 (1%) -
Belgium - - 1 (1%) 2.3B (3%)
Channel Islands - - 1 (1%) 1.5B (2%)
Ireland - - 1 (1%) 750M (1%)
Australia - - 1 (1%) -
Domestic 8 (22%) 1.4B (7%) 85 (52%) 21.9B (29%)
Cross-border 29 (78%) 18.5B (93%) 80 (48%) 52.4B (71%)
Total 37 $20.0B 165 $74.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (14%) 507M (3%) 76 (46%) 8.3B (11%)
Secondary Buyout 23 (62%) 10.2B (51%) 43 (26%) 24.8B (34%)
Divestiture 6 (16%) 9.3B (46%) 33 (20%) 29.8B (41%)
Growth Capital 2 (5%) - 5 (3%) 345M (< 1%)
Stake Purchase 1 (3%) - 4 (2%) -
Going Private - - 3 (2%) 9.7B (13%)
Venture - - 1 (1%) -
Total 37 $20.0B 165 $72.9B

Exits by Deal Type

Type Total # Value
IPO 36 (32%) -
Secondary Sale 27 (24%) 11.3B (38%)
Trade Sale 24 (21%) 5.3B (18%)
Trade Sale - Public Company 18 (16%) 13.2B (44%)
Merger 2 (2%) -
Stake Sale 2 (2%) -
Unknown 2 (2%) -
Bankruptcy 1 (1%) -
Sold to Management 1 (1%) -
Total 113 $29.8B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
6
J.P. Morgan Securities LLC
5
Rothschild Global Advisory
5
Legal Deals
Freshfields Bruckhaus Deringer LLP
10
Clifford Chance LLP
8
Latham & Watkins
2

Deal Values

buy # Total
> $1B 29 $60.7B
$100M to $1B 28 $15.8B
< $100M 4 $186M
TOTAL $76.6B
Largest Amadeus IT Group SA
$4.9B (2005-06-01)
sell # Total
> $1B 10 $24.4B
$100M to $1B 12 $5.6B
< $100M 2 $105M
TOTAL $30.1B
Largest GE AVIO S.r.l.
$3.7B (2013-08-01)

M&A Connections

Deals
Acquired from
Investor(s)
25%
42 (25%)
Strategic(s)
15%
24 (15%)
Exited to
Investor(s)
24%
27 (24%)
Strategic(s)
24%
27 (24%)

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