Cinven's Synlab completes €190m refinancing

The deal will enable Synlab to fund its acquisitive growth strategy and repay the outstanding balance drawn from its revolving credit facility.

Cinven has not realised any of its investment in Synlab through the placement, unquote" understands.

The notes are priced at 99.5% and have a maturity period of six years. It is understood the accelerated placement took up to four days to complete, compared with the industry average of three to four weeks.

Synlab has already made 22 acquisitions with a combined enterprise value of around €100m since it was acquired by Cinven a year ago.

Previous funding
Cinven acquired a majority stake in the company from BC Partners in June 2015, in a deal giving the business an enterprise value of €1.8bn. Upon completion of the buyout, the GP merged Synlab with French medical diagnostics laboratory Labco, which it had acquired from 3i in a €1.2bn deal the previous month.

BC Partners reaped a 2.7x return from the exit, having originally acquired a 40% stake in 2009. Under BC's tenure Synlab undertook an aggressive buy-and-build strategy, making a total of 60 acquisitions.

Company
Headquartered in Augsburg and founded in 1998, Synlab provides laboratory analysis for human and veterinary medicine. Its clients include practising doctors, clinics and the pharmaceutical industry.

According to the company's website, it has a headcount of 13,000 and generates a turnover of €1.5bn. The business has operations in 35 countries across four continents.

People
Cinven – Stuart McAlpine (managing partner); Alex Leslie (partner).

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