London-based international private equity firm, Cinven has acquired Envirotainer AB from majority shareholder AAC Capital in a deal that values the Stockholm-based refrigerated container company at €1 billion (US$1.17 billion).
The Wall Street Journal said in a report the purchase by Cinven "is part of a move by private-equity firms into ‘defensive sectors’ such as health care that are seen as resilient to economic
Cinven described Envirotainer as "a clear market leader with the most innovative product offering, consistent service delivery, and global delivery capability.”
Envirotainer focuses on the airfreight sector, where demand for high-value pharmaceutical goods and temperature-sensitive electronic components has helped fuel strong growth over the past two years, the WSJ report noted.
Supporting global growth
Improving refrigeration technology is also pushing more such shipments onto the water, where several ocean carriers have added thousands of refrigerated containers since last year, the report added.
The transaction will be formally closed when all relevant financial regulatory filings have been approved, which is estimated to be completed by late summer or early autumn.
Headquartered in Stockholm, Envirotainer designs, manufactures and leases active temperature-controlled containers used primarily for air freighting biopharma products, transporting up to two million doses of medicine per day.
The company serves about 600 customers worldwide, including many of the blue-chip global biopharma companies. With 300 employees, Envirotainer operates from regional centres in Stockholm, Frankfurt, Dallas and Singapore, with a portfolio of more than 5,500 leased containers globally.
In a statement, Cirven said it will support Envirotainer’s global growth by developing its technology and expanding its container fleet and global service network.
Nol van Fenema