Cinven buys Envirotainer

Cinven drew equity for the deal from the Sixth Cinven Fund, which held a final close on €7bn in June 2016 and has made 10 investments including Envirotainer.

The GP saw off competition from EQT Partners, Goldman Sachs Private Equity and CVC Capital Partners in the second round of bidding, according to a report by Unquote sister publication Mergermarket. The report added that JP Morgan was marketing the business based on a 2018 EBITDA figure of SEK 725m and was targeting an enterprise value 20x this figure.

The deal ends an eight-year holding period for AAC Capital, which invested in the business alongside mezzanine provider Armada Mezzanine Capital in January 2010.

Cinven will support Envirotainer's global growth by investing in technological development and expanding its container fleet.

Previous funding
Swedish industrial development fund Industrifonden acquired the company from a private vendor in 2004 and sold to AAC Capital Partners in a secondary buyout in 2010. The company reported a turnover of SEK 335m and SEK 90m profit In 2009.

Company
Envirotainer makes and leases temperature-controlled containers to the biopharmaceutical industry. The business is headquartered in Stockholm and employs 300 people. It operates from regional centres in Stockholm, Frankfurt, Dallas and Singapore, and has more than 5,500 containers.

People
Cinven – Pontus Pettersson (partner); Ben Osnabrug (senior principal).
Envirotainer – Michael Berg (CEO).

Advisers
Equity – Citigroup (M&A); SEB (M&A); Roland Berger (commercial due diligence); Clifford Chance (legal); Vinge (legal); Deloitte (tax); Aon (insurance due diligence).
Vendor – JP Morgan (M&A).

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• Topics
• Buyouts
• Exits
• Nordics
• Industrials
• Sweden
• Cinven
• Secondary buyout