Cinven Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Cinven has acquired 18 companies. It has also invested in 3 others.

Cinven’s most common sectors for investment arebusiness services (7%) and publishing (6%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (45%) and secondary buyout (28%). In total, Cinven has invested in 8 US states and 17 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired Masmovil Ibercom SA for $6.0B.

In the last 3 years, Cinven has exited 5 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 Activity289
    • M&A Buy Activity170
    • M&A Sell Activity119
  • Total Sectors Invested 44
  • Total Countries Invested 17
  • M&A Buy/Sell Connections 82
  • M&A Advisors 34

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 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, Stake Purchase, Venture

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

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 (4.8/yr) # 146 3 5 6 4 6 170
vol $70.2B $507M $6.0B $4.4B $81.0B
Sell (1.8/yr) # 110 4 3 - 1 1 119
vol $29.4B $731M $30.1B
  289

Most Recent M&A

Company Date Value Type
True Potential LLP 2021-09-09 - Secondary Buyout
Newcastle Upon Tyne, United Kingdom · www.tpllp.com
Restaurant Brands Iberia SA 2021-07-28 - Buyout (LBO, MBO, MBI)
Pozuelo de Alarcon, Spain · www.rbiberia.com
Agrifarma S.p.A. 2021-06-25 - Secondary Buyout
Genoa, Italy · www.arcaplanet.it
think-cell Sales GmbH & Co. KG 2021-06-01 - Stake Purchase
Berlin, Germany · www.think-cell.com
Chryso SAS 2021-05-20 - Add-on Acquisition
Issy-les-Moulineaux, France · www.chryso.com
Lonza Specialty Ingredients 2021-02-08 4.4B CHF Divestiture
Basel, Switzerland
Drake Software 2021-02-05 - Growth Capital
Franklin, North Carolina · www.drakesoftware.com
BioClinica, Inc. 2020-12-10 - Merger
Princeton, New Jersey · www.bioclinica.com
Compre Group 2020-11-30 - Secondary Buyout
London, United Kingdom · www.compre-group.com
Masmovil Ibercom SA 2020-11-17 6.0B EUR Buyout (LBO, MBO, MBI)
Madrid, Spain · www.grupomasmovil.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Barentz International BV 2019-11-26 Pestell Nutrition, Inc. 2021-06-30 2
Hoofddorp, Netherlands · www.barentz.com New Hamburg, Ontario · www.pestell.com
Agrifarma S.p.A. 2021-06-25 Maxi Zoo Italia S.p.A. 2021-06-25 1
Genoa, Italy · www.arcaplanet.it Milan, Italy · www.maxizoo.it
TK Elevator GmbH 2020-02-27 Sdiptech AB - Swedish Elevator Business 2021-02-19 6
Düsseldorf, Germany · www.tkelevator.com Stockholm, Sweden
SYNLAB Holding Deutschland GmbH 2015-06-25 Synlab Group - Analytics & Services business 2020-11-10 1
Augsburg, Germany · www.synlab.de Augsburg, Germany
Barentz International BV 2019-11-26 Maroon Group LLC 2020-10-14 1
Hoofddorp, Netherlands · www.barentz.com Avon, Ohio · www.maroongroupllc.com
Stada Arzneimittel AG 2017-08-18 GlaxoSmithKline plc - 15 Consumer Healthcare Brands 2020-02-24 4
Bad Vilbel, Germany · www.stada.de , United Kingdom
Stada Arzneimittel AG 2017-08-18 Biofarma 2019-12-01 3
Bad Vilbel, Germany · www.stada.de Amoz, Ukraine · www.biofarma.ua
Stada Arzneimittel AG 2017-08-18 Walmark AS 2019-11-04 2
Bad Vilbel, Germany · www.stada.de Třinec, Czech Republic · www.walmark.eu
Stada Arzneimittel AG 2017-08-18 Upsa 2018-10-08 1
Bad Vilbel, Germany · www.stada.de , France
SYNLAB Holding Deutschland GmbH 2015-06-25 Cityterveys Oy 2017-07-10 4
Augsburg, Germany · www.synlab.de Helsinki, Finland · www.cityterveys.fi

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (6%) - 11 (6%) 1.2B (2%)
Publishing - - 10 (6%) 10.8B (14%)
Healthcare Services 1 (3%) - 9 (5%) 8.1B (10%)
Retail 2 (6%) - 9 (5%) 4.4B (6%)
Chemicals 1 (3%) 4.4B (27%) 7 (4%) 5.8B (7%)
Life Science 1 (3%) - 7 (4%) 1.6B (2%)
Leisure 1 (3%) 1.3B (8%) 7 (4%) 1.3B (2%)
Communications 2 (6%) 6.0B (36%) 6 (3%) 6.8B (9%)
Food 1 (3%) - 6 (3%) 4.0B (5%)
Financial Services 3 (9%) 711M (4%) 6 (3%) 1.4B (2%)
Insurance 3 (9%) 338M (2%) 6 (3%) 338M (< 1%)
Media - - 5 (3%) 2.4B (3%)
Manufacturing - - 5 (3%) 2.3B (3%)
Machinery 3 (9%) - 5 (3%) 44M (< 1%)
Consumer Products - - 5 (3%) -
Software 3 (9%) - 5 (3%) -
Information Technology 1 (3%) - 4 (2%) 6.2B (8%)
Restaurants 1 (3%) - 4 (2%) 2.4B (3%)
Distribution 1 (3%) - 4 (2%) 2.1B (3%)
Automotive 1 (3%) - 4 (2%) -
Electrical Equipment - - 4 (2%) -
Medical Products 1 (3%) - 4 (2%) -
Gaming - - 3 (2%) 3.5B (4%)
Consumer Services - - 3 (2%) 2.0B (3%)
Plastics - - 3 (2%) 1.5B (2%)
Internet Software and Services 1 (3%) - 3 (2%) 674M (1%)
Packaging - - 3 (2%) -
Aerospace - - 2 (1%) 3.6B (5%)
Agriculture 1 (3%) 507M (3%) 2 (1%) 1.2B (1%)
Building Materials - - 2 (1%) 345M (< 1%)
Transportation - - 2 (1%) 166M (< 1%)
Beverages - - 2 (1%) -
Energy Services and Equipment - - 2 (1%) -
Technology Hardware - - 2 (1%) -
E-Commerce 1 (3%) 3.3B (20%) 1 (1%) 3.3B (4%)
Information Services - - 1 (1%) 1.5B (2%)
Apparel/Textiles - - 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%) -
Test/Measurement Equipment 1 (3%) - 1 (1%) -
Total 34 $16.5B 172 $78.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 8 (24%) 711M (4%) 86 (50%) 21.9B (28%)
United States 3 (9%) - 16 (9%) 6.6B (8%)
  North Carolina 2 (6%) - 3 (2%) 580M (1%)
  Tennessee 1 (3%) - 1 (1%) -
  Pennsylvania - - 1 (1%) 4.8B (6%)
  Ohio - - 1 (1%) 915M (1%)
  New Jersey - - 1 (1%) -
  Massachusetts - - 1 (1%) -
  Texas - - 1 (1%) -
France 2 (6%) - 15 (9%) 5.3B (7%)
Spain 6 (18%) 7.8B (47%) 13 (8%) 14.2B (18%)
Germany 5 (15%) 338M (2%) 12 (7%) 4.9B (6%)
Netherlands 1 (3%) - 9 (5%) 5.7B (7%)
Sweden 2 (6%) - 5 (3%) 3.4B (4%)
Italy 2 (6%) - 5 (3%) 2.9B (4%)
Poland 2 (6%) 3.3B (20%) 2 (1%) 3.3B (4%)
  Pennsylvania 1 (3%) - 1 (1%) -
Switzerland 1 (3%) 4.4B (27%) 2 (1%) 4.7B (6%)
Hungary 1 (3%) - 1 (1%) -
Turkey 1 (3%) - 1 (1%) -
Belgium - - 1 (1%) 2.3B (3%)
Channel Islands - - 1 (1%) 1.5B (2%)
Norway - - 1 (1%) 1.3B (2%)
Ireland - - 1 (1%) 750M (1%)
Australia - - 1 (1%) -
Domestic 8 (24%) 711M (4%) 86 (50%) 21.9B (28%)
Cross-border 26 (76%) 15.7B (96%) 86 (50%) 56.8B (72%)
Total 34 $16.5B 172 $78.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (18%) 6.5B (39%) 77 (45%) 14.3B (19%)
Secondary Buyout 18 (53%) 711M (4%) 47 (27%) 22.6B (29%)
Divestiture 6 (18%) 9.3B (56%) 33 (19%) 30.3B (39%)
Growth Capital 2 (6%) - 6 (3%) 345M (< 1%)
Going Private 1 (3%) - 4 (2%) 9.7B (13%)
Stake Purchase 1 (3%) - 4 (2%) -
Venture - - 1 (1%) -
Total 34 $16.5B 172 $77.3B

Exits by Deal Type

Type Total # Value
IPO 38 (32%) -
Secondary Sale 28 (24%) 11.3B (38%)
Trade Sale 24 (20%) 5.3B (18%)
Trade Sale - Public Company 20 (17%) 13.2B (44%)
Merger 3 (3%) -
Stake Sale 2 (2%) -
Unknown 2 (2%) -
Bankruptcy 1 (1%) -
Sold to Management 1 (1%) -
Total 119 $29.8B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
6
Rothschild Global Advisory
6
J.P. Morgan Securities LLC
5
Legal Deals
Freshfields Bruckhaus Deringer LLP
12
Clifford Chance LLP
8
Hengeler Mueller
2

Deal Values

buy # Total
> $1B 29 $65.3B
$100M to $1B 28 $15.5B
< $100M 4 $186M
TOTAL $81.0B
Largest Masmovil Ibercom SA
$6.0B (2020-11-17)
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)
27%
47 (27%)
Strategic(s)
14%
24 (14%)
Exited to
Investor(s)
24%
28 (24%)
Strategic(s)
24%
29 (24%)

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