Cinven

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Cinven
Private company
IndustryPrivate equity
Founded1977; 41 years ago (1977)
HeadquartersLondon, United Kingdom
Key people
Stuart McAlpine, Managing Partner
ProductsPrivate equity
Websitecinven.com

Cinven is a global private equity firm founded in 1977, with offices in nine international locations in Guernsey, London, New York, Paris, Frankfurt, Milan, Luxembourg, Madrid, and Hong Kong that acquires Europe- and United States-based corporations, and emerging market firms that fit with their core businesses, and necessitate a minimum equity investment of €100 million or more.[1] In 2015, it had €10.6 billion in assets under management.[2]

Cinven's funding base originally came solely from three pension funds in the United Kingdom (British Coal, the Railway Industry and Barclays Bank) who remain as important investors.[3] Cinven has been reported to originally stand for Coal Investment Nominees' for Venture Capital.[4]

Cinven invests in six sectors on an international basis: Business Services; Technology, Media and Telecommunications; Financial Services; Industrials; Healthcare; and Consumer.

Investments[edit]

Cinven is a private equity firm based in London. Some of the recent acquisitions include:

  • Avio – In August 2006, Cinven purchased Avio from Carlyle and Finmeccanica for an enterprise value of $2.6 billion.
  • Spire Healthcare (previously BUPA Hospitals) – In June 2007, BUPA announced that it had agreed to sell its hospitals business, comprising 25 hospitals, to Cinven for $1.44 billion ($2.8 billion/$2.13 billion).[5] Spire has since acquired the Classics Hospital Group for GBP 145 million, as well as a single site hospital in Gerrards Cross, England.
  • Gondola Holdings – acquired in June 2007 for $1.36 billion, Gondola is the market leader in the casual dining sector in the United Kingdom, with brands such as PizzaExpress, ASK, Zizzi and BYRON.[6]
  • SLV – acquired in April 2011, SLV is a provider of residential and technical lighting products
  • Partnership Assurance – acquired in 2008[7]
  • Sebia – acquired in June 2010
  • CPA Global – acquired in March 2012
  • AMCo – Created from Amdipharm and Mercury Pharma bought in 2012, merged, built up and sold to Canada's Concordia Healthcare in September 2015 for $3.4 billion in cash and shares.[8]
  • CeramTec Group – acquired in June 2013[9]
  • Host Europe Group – acquired in July 2013, Cinven agreed to purchase this web hosting firm for around $666 million.[10]
  • Medpace – In February 2014, Cinven agreed to acquire the pharmaceutical contract research organisation from CCMP Capital for around $900 million.[11]
  • Northgate Public Services – In December 2014, Cinven agreed to acquire the public services division of Northgate Information Solutions for an undisclosed amount.[12]
  • UFINET – In 2014, Cinven bought the telecommunications business of Gas Natural Fenosa for more than 500 million US dollars.
  • Premium Credit – In January 2015, Cinven acquired Premium Credit, the United Kingdom's biggest premium financing company.[13]
  • Labco – In May 2015, Cinven agreed to acquire this operator of medical diagnostics laboratories for €1.2 billion.[14]
  • Synlab Group acquired in June 2015 for €1.7 to 1.8 billion.[15]
  • Kurt Geiger – In December 2015, Cinven acquired United Kingdom based fashion retailer Kurt Geiger from Sycamore Partners for £245 million.[16]
  • Hotelbeds Group - In September 2016, Cinven and Canada Pension Plan Investment Board (CPPIB) acquired the business-to-business accommodation wholesaler for a purchase price of around 1.3 billion euros[17].
  • Stada Arzneimittel – In August 2017, Cinven acquired German company Stada Arzneimittel.[18]

References[edit]

  1. ^ Cinven, About us, Cinven website, retrieved April 2, 2016
  2. ^ Cinven Annual Review 2015, Cinven website, retrieved April 17, 2017
  3. ^ The fourth Cinven fund completes fundraising at $6.5 billion, Cinven press release,30 June 2006
  4. ^ Cinven looks to rejoin industry's top league. Dow Jones Financial News, 8 September 2008
  5. ^ BUPA agrees hospitals sale, BUPA press release, 18 June 2007
  6. ^ byronhamburgers.com
  7. ^ "Cinven to kick-start £750m Partnership Assurance sale". The Telegraph. 17 September 2011. Retrieved 13 September 2013.
  8. ^ Cinven to sell AMCo to Concordia Healthcare Corp, Private Equity Wire, St Helier Jersey, 8 September 2015. Retrieved 19 September 2015.
  9. ^ The New York Times Dealbook: Cinven to Buy CeramTec for Billion. By Mark Scott, 16 June 2013
  10. ^ "Deals of the day – mergers and acquisitions". Reuters. 19 July 2013.
  11. ^ "Cinven to acquire Medpace in $900 million deal". Reuters. 23 February 2014. Retrieved 24 February 2014.
  12. ^ "Northgate Information Solutions sells Public Services division to Cinven". Yahoo! Finance. 22 December 2014. Retrieved 22 December 2014.
  13. ^ Cinven strikes a £460m deal for Premium Credit
  14. ^ Berry, Freya (28 May 2015). "Buyout group Cinven to buy France's Labco for $1.3 bln". Reuters.
  15. ^ "Cinven buys lab chain Synlab for $1.9–2.0 billion". Reuters. 25 June 2015. Retrieved 29 October 2016.
  16. ^ Grandhi, K (14 December 2015). "Footwear retailer Kurt Geiger acquired by Cinven from Sycamore Partners". International Business Times. Retrieved 21 June 2016.
  17. ^ Bray, Chad (28 April 2016). "TUI Group to Sell Hotelbeds Group for $1.3 Billion". The New York Times. Retrieved 10 July 2018.
  18. ^ Bain Capital und Cinven gelingt Kauf von Stada (German)

External links[edit]