Cinven buys Bayer's Environmental Science Professional for EUR 2.4bn

The asset, known as Environmental Science Professional, has an EBITDA of around EUR 200m, reported Unquote sister publication Mergermarket, implying an entry multiple of around 12x EBITDA.

Cinven, CVC and Brookfield made it to the final round of bids in late January following a six-month-long sales process, reported Mergermarket.

Bayer's annual reports suggest the division had revenue of EUR 1.1bn in 2021, a growth of nearly 7%.

Since 2020, the sponsor has now invested in three corporate carve-out deals. It bought the elevator arm of Thyssenkrupp in 2020, in a consortium of investors, and Lonza Speciality Ingredients (LSI) from chemicals company Lonza last year.

Environmental Science Professional has products and services to help manage pests, eliminate vector-borne diseases, among other solutions to make environments healthier. 

Advisors 

Bayer - Bank of America (M&A); Hengeler Mueller (legal). 

Cinven - Clifford Chance (legal); KPMG (financial, carve-out); Boston Consulting Group (commercial); Alvarez & Marsal (operations); ERM (ESG, regulatory); Credit Suisse, Opus Corporate Finance, Proventis Partners (M&A); Deloitte (tax)

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• Buyouts
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• Cinven