International private equity firm Cinven is to acquire Envirotainer, a global provider of temperature-controlled air cargo containers, for an undisclosed consideration.
Headquartered in Stockholm, Envirotainer designs, manufactures and leases active temperature-controlled containers used primarily for air freighting biopharma products, transporting up to two millions doses of medicine per day. The Group serves circa 600 customers worldwide, including many of the blue-chip global biopharma companies. With circa 300 employees, Envirotainer operates from regional centres in Stockholm, Frankfurt, Dallas and Singapore, with a portfolio of more than 5,500 leased containers globally. The Group developed and marketed the first container with an active temperature control system in 1995 and since then has significantly invested in technology and its container fleet.
Pontus Pettersson, Partner at Cinven, says: “Envirotainer shares several common characteristics with Cinven’s highly successful investments including the provision of a critical service – temperature-controlled containers for the transportation of highly regulated and valuable biopharma products – in a growing market, with high barriers to entry.
“Cinven has achieved strong growth for the many healthcare companies in which it has invested that span medical devices, pharmaceuticals, CROs and, specifically in Sweden, Phadia. Building on our pharmaceutical experience, we are delighted to be backing another strong management team, led by Michael Berg, and investing in the future growth of this exciting business.”
Ben Osnabrug, Senior Principal at Cinven, says: “Within Business Services, Cinven looks to acquire companies that demonstrate structural growth, cash generation and defensibility in certain sub-sectors. Envirotainer has a strong business model with excellent growth prospects and shares key characteristics with many of Cinven’s successful Business Services investments, in particular, including Tinsa and Hotelbeds, and previous investments in CPA Global and Amadeus. These companies provide mission-critical services to a diverse customer base in growing market niches, and benefit from long-term recurring revenue streams.”
Michael Berg, CEO of Envirotainer, says: “Envirotainer is well positioned to capture significant growth from the biopharma market. New ‘blockbuster’ drugs are being developed given the rising population with access to high end medicine and higher incomes; as well as a rise in chronic diseases. In addition, it is still necessary for pharma companies to supply vaccines, insulin and blood products, where biopharma demand is most strongly growing outside of key manufacturing centres in Europe and the US and these products therefore need to be transported via highly regulated and controlled air freight.”
“We are particularly pleased to partner with the team at Cinven given their unique combination of healthcare expertise and track record of supporting the growth of Nordic companies.”
