Cinven Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cinven has acquired 4 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) (48%) and secondary buyout (26%). In total, Cinven has invested in 8 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 5 companies. The Firm’s most common exit type is ipo (33%). 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 Activity268
    • M&A Buy Activity157
    • M&A Sell Activity111
  • Total Sectors Invested 44
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 73
  • M&A Advisors 26

Cinven

Warwick Court Paternoster Square,
London, EC4M 7AG
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.4/yr) # 140 5 2 4 6 - 157
vol $67.2B $4.6B $507M $72.2B
Sell (1.8/yr) # 102 4 2 3 - - 111
vol $27.6B $1.8B $731M $30.1B
  268

Most Recent M&A

Company Date Value Type
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
RTB House 2019-01-14 - Growth Capital
Warsaw, Pennsylvania · www.rtbhouse.com
One.com 2018-12-20 - Secondary Buyout
Reston, Virginia · www.one.com
Medpace Holdings, Inc. 2018-08-22 - IPO
Cincinnati, Ohio · www.medpace.com
Envirotainer AB 2018-07-12 - Secondary Buyout
Upplands Väsby, Sweden · www.envirotainer.com
JLA Ltd. 2018-05-14 - Secondary Buyout
Ripponden, United Kingdom · www.jla.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Visma Oy 2010-09-25 Circle Software Ltd. 2020-01-16 46
Oslo, Norway · www.visma.com Christchurch, New Zealand · www.circlepos.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
Coor Service Management AB 2007-12-01 Norrlands Miljovard AB 2019-09-27 6
Stockholm, Sweden · www.coor.com Kramfors, Sweden · www.nmv.se
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 Roxit BV 2019-02-11 45
Oslo, Norway · www.visma.com Zwolle, Netherlands · www.roxit.nl
Visma Oy 2010-09-25 BrainSHARE IT sp.z o.o. 2019-01-16 44
Oslo, Norway · www.visma.com Krakow, Poland · www.brainshare.pl
Visma Oy 2010-09-25 European Business Process Institute (EBPI) B.V. 2018-12-20 43
Oslo, Norway · www.visma.com Den Haag, Netherlands · www.ebpi.nl
Visma Oy 2010-09-25 Idella 2018-11-22 42
Oslo, Norway · www.visma.com Almere Haven , Netherlands · www.idella.nl
Visma Oy 2010-09-25 ProActive 2018-11-13 41
Oslo, Norway · www.visma.com Haarlem, Netherlands · www.proactive-software.com

M&A by Sector

Sector Current # Value All-time # Value
Publishing - - 10 (6%) 10.3B (15%)
Business Services 1 (3%) 604M (3%) 10 (6%) 2.6B (4%)
Healthcare Services 1 (3%) 1.4B (7%) 8 (5%) 8.1B (12%)
Retail 3 (9%) 4.4B (24%) 8 (5%) 4.4B (6%)
Leisure 1 (3%) 1.3B (7%) 7 (4%) 1.3B (2%)
Information Technology 4 (12%) 2.2B (12%) 6 (4%) 7.1B (10%)
Life Science 1 (3%) 1.9B (10%) 6 (4%) 3.5B (5%)
Financial Services 3 (9%) 711M (4%) 6 (4%) 1.4B (2%)
Food - - 5 (3%) 4.0B (6%)
Media - - 5 (3%) 2.4B (3%)
Manufacturing - - 5 (3%) 2.3B (3%)
Chemicals - - 5 (3%) 1.4B (2%)
Insurance 3 (9%) 338M (2%) 5 (3%) 338M (< 1%)
Consumer Products - - 5 (3%) -
Distribution 2 (6%) 716M (4%) 4 (3%) 2.1B (3%)
Communications 1 (3%) - 4 (3%) 811M (1%)
Machinery 2 (6%) - 4 (3%) 44M (< 1%)
Electrical Equipment - - 4 (3%) -
Medical Products 1 (3%) - 4 (3%) -
Gaming - - 3 (2%) 3.5B (5%)
Restaurants - - 3 (2%) 2.4B (3%)
Consumer Services - - 3 (2%) 2.0B (3%)
Plastics 1 (3%) 1.0B (6%) 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 (6%) - 2 (1%) -
E-Commerce 1 (3%) 3.3B (18%) 1 (1%) 3.3B (5%)
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 34 $18.3B 159 $69.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 6 (18%) 1.4B (8%) 83 (52%) 21.9B (31%)
United States 5 (15%) - 17 (11%) 6.0B (9%)
  Pennsylvania 1 (3%) - 2 (1%) 4.3B (6%)
  North Carolina 1 (3%) - 2 (1%) 580M (1%)
  Texas 1 (3%) - 2 (1%) -
  Virginia 1 (3%) - 1 (1%) -
  Tennessee 1 (3%) - 1 (1%) -
  Ohio - - 1 (1%) 915M (1%)
  Massachusetts - - 1 (1%) -
France 5 (15%) 4.0B (22%) 14 (9%) 5.3B (8%)
Germany 5 (15%) 3.1B (17%) 10 (6%) 7.0B (10%)
Spain 3 (9%) 1.8B (10%) 10 (6%) 8.2B (12%)
Netherlands 2 (6%) 2.7B (15%) 8 (5%) 5.7B (8%)
Sweden 2 (6%) 604M (3%) 4 (3%) 3.4B (5%)
Italy 1 (3%) - 3 (2%) 2.9B (4%)
Poland 2 (6%) 3.3B (18%) 2 (1%) 3.3B (5%)
  Pennsylvania 1 (3%) - 1 (1%) -
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%)
Switzerland - - 1 (1%) 345M (< 1%)
Australia - - 1 (1%) -
Domestic 6 (18%) 1.4B (8%) 83 (52%) 21.9B (31%)
Cross-border 28 (82%) 16.9B (92%) 76 (48%) 48.0B (69%)
Total 34 $18.3B 159 $69.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (18%) 3.2B (18%) 76 (48%) 8.3B (12%)
Secondary Buyout 23 (68%) 10.2B (56%) 41 (26%) 24.8B (36%)
Divestiture 3 (9%) 4.9B (27%) 30 (19%) 25.4B (37%)
Growth Capital 2 (6%) - 5 (3%) 345M (1%)
Going Private - - 3 (2%) 9.7B (14%)
Stake Purchase - - 3 (2%) -
Venture - - 1 (1%) -
Total 34 $18.3B 159 $68.5B

Exits by Deal Type

Type Total # Value
IPO 36 (32%) -
Secondary Sale 27 (24%) 11.3B (38%)
Trade Sale 24 (22%) 5.3B (18%)
Trade Sale - Public Company 18 (16%) 13.2B (44%)
Stake Sale 2 (2%) -
Bankruptcy 1 (1%) -
Merger 1 (1%) -
Sold to Management 1 (1%) -
Unknown 1 (1%) -
Total 111 $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
9
Clifford Chance LLP
7
Hengeler Mueller
2

Deal Values

buy # Total
> $1B 28 $56.3B
$100M to $1B 28 $15.8B
< $100M 4 $186M
TOTAL $72.2B
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
PE Firm(s)
75%
63 75%
Strategic(s)
25%
21 25%
Exited to
PE Firm(s)
61%
42 61%
Strategic(s)
39%
27 39%