EQT, Mubadala to acquire Envirotainer for EUR 2.8bn

The deal, which is expected to close in Q3 2022, will give current shareholders the opportunity to reinvest in the business as minority shareholders, according to a Novo Holdings press release.

EQT deployed equity via its latest flagship fund EQT X, which has a target of EUR 20b and a hard cap of EUR 21.5bn, according to Unquote Data. Following the acquisition, EQT X will be 0-5% deployed based on its target fund size. It will start charging management fees upon the closing of its first transaction, which is expected to be the deal for Envirotainer, according to a press release.

EQT and Mubadala will seek to accelerate Envirotainer's expansion in APAC and continue growing it in its other core markets. Both investors will help scale the newly launched CryoSure service, which offers below -70°C between 8 and 21 days of transportation, and continue rolling out Releye containers, a cargo that maintains 170 hours of temperature.

Envirotainer was sold in auction that saw the participation of sponsors including KKR, EQT, Antin Infrastructure Partners and Astorg, as reported by Mergermarket.The company had a 2021 EBITDA of EUR 98m, according to the report. Cinven launched the exit process with a view of running a dual-track, sale or IPO, with the M&A track tested first, as reported. 

Cinven acquired the business for EUR 1bn in July 2018 through Cinven VI, according to reports, and sold a 24.9% stake in it to Novo Holdings in September 2018.

Under the sponsor's ownership, the company launched products including the Releye platform and CryoSure. It also entered new markets such as China, India and South Korea.

Company
Founded in 1985 and headquartered in Stockholm, Envirotainer manufactures and leases active temperature-controlled containers for biopharmaceuticals. It has over 6,700 containers globally, around 375 employees across 20 countries, and more than 600 customers globally. Envirotainer transports approximately two million doses of medicines per day for pharmaceutical manufacturers worldwide

People
EQT - Ali Farahani (partner).
Mubudala - Camilla Macapili Languille (head of life sciences).
Cinven – Pontus Pettersson (partner).
Novo Holdings – Christian Salling (senior partner).
Envirotainer - Peter Gisel-Ekdahl (CEO).

Advisers
Vendor (Novo) - JP Morgan (M&A); Vinge (legal); Clifford Chance (legal).
Vendor (Cinven) - JP Morgan (M&A); BCG (commercial due diligence); Vinge (legal); Clifford Chance (legal); KPMG (financial due diligence); Deloitte (tax).
Equity (EQT) - Jefferies International (M&A); McKinsey & Company (commercial due diligence); White & Case (legal); KPMG (financial, tax due diliegnce).

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