M&A Deal Summary

Cinven and Astorg Partners Acquire LGC Group

On November 21, 2019, private equity firms Cinven and Astorg Partners acquired test/measurement equipment company LGC Group from KKR

Acquisition Highlights
  • This is Cinven’s 1st and Astorg Partners’ 2nd transaction in the Test/Measurement Equipment sector.
  • This is Cinven’s 84th and Astorg Partners’ 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2019-11-21
Target LGC Group
Sector Test/Measurement Equipment
Buyer(s) Cinven
Astorg Partners
Sellers(s) KKR
Deal Type Secondary Buyout

Target

LGC Group

Teddington, United Kingdom
LGC Group is an international life science measurement and testing company. LGC provides a range of measurement products and services that underpin the safety, health, and security of the public, including reference materials and proficiency testing, genomics reagents and instrumentation, and expert sample analysis and interpretation. LGC Group was founded in 1842 and is based in Teddington, United Kingdom.

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Buyer(S) 2

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. 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 minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 162 of 184
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 46 of 56
Country (United Kingdom) 84 of 87
Year (2019) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-04 National Seating & Mobility

Franklin, Tennessee, United States

National Seating & Mobility is a provider of complex rehabilitation seating, mobility, and positioning systems. NSM provides personalised solutions to individuals with mobility challenges by bringing together industry-leading expertise, uniquely engineered systems, and breakthrough technologies. National Seating & Mobility was founded in 1992 and is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-26 Barentz

Hoofddorp, Netherlands

Barentz is a specialty ingredients distributor for the food, pharmaceutical, personal care, and animal nutrition markets. The Group sources branded specialty ingredients from leading manufacturers worldwide, and its ingredient experts provide value-added technical support (including pre-mixing, blending, ingredient formulation, and ingredient testing) from its state-of-the-art production facilities in Europe, North America, and Asia. Barentz was founded in 1953 and is based in Hoofddorp, Netherlands.

Buy -
Buyer

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.

DEAL STATS #
Overall 44 of 67
Sector (Test/Measurement Equipment) 2 of 2
Type (Secondary Buyout) 20 of 37
Country (United Kingdom) 3 of 11
Year (2019) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-27 M7 Group SA

Luxembourg, Belgium

M7 Group SA is the sole provider of satellite television and radio in the Netherlands and Belgium (Flanders region).

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 Audiotonix

Chessington, United Kingdom

Audiotonix designs, engineerings, and manufactures professional audio mixing consoles, production software, and ancillary products. With pioneering solutions from premium audio brands Allen & Heath, Calrec, DiGiCo, DiGiGrid, Fourier Audio, Harrison, KLANG: technologies, Slate Digital, Solid State Logic, sonible, and Sound Devices, its products are used extensively in live sound, broadcast, theatre production, installations, houses of worship, TV and film production, music creation and recording studios. Audiotonix is based in Chessington, United Kingdom.

Sell -

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 133 of 204
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 23 of 35
Country (United Kingdom) 6 of 11
Year (2019) 12 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-05 Skydance Media

Santa Monica, California, United States

Skydance Media is a diversified media company provides elevated, event-level entertainment for global audiences. Skydance produces content across its feature film, television, interactive and animation divisions. Skydance Media was established in 2010 and is based in Santa Monica, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-25 Novaria Group

North Richland Hills, Texas, United States

Novaria Group is a cohesive family of precision aerospace & defense component companies, a sum made greater by the value of its parts, that consistently delivers optimum performance and sustainable growth. Novaria Group was founded in 2011 and is based in North Richland Hills, Texas.

Buy -
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