Private equity firm Cinven has agreed to sell SLV Group, a German-headquartered provider of residential and technical lighting, to Ardian for an undisclosed amount.
This represents the second successful realisation of an industrials business within the last month, following Cinven’s agreement to sell Italian-headquartered Avio Spazio to Space2 and Leonardo-Finmeccanica on 20 October 2016.
Cinven has a strong track record in Germany; current investments include CeramTec, HEG, JOST, Synlab and Viridium.
Cinven acquired SLV in May 2011 from its founder and HgCapital. Cinven’s industrials and German teams had identified SLV as an attractive opportunity in 2010, developing a close relationship with SLV’s management team which led to a preferred buyer status.
Cinven’s portfolio team in Asia was integrally involved in assessing the transaction, primarily focused on SLV’s Asian supplier network and sourcing strategies.
SLV has grown significantly since Cinven’s acquisition generating a circa 40 per cent increase in sales and reflecting
Bruno Schick (pictured), partner at Cinven, says: “During Cinven’s ownership, we have worked closely with SLV’s management team to deliver our growth strategy, improving product development and internal processes, completing the acquisition of three value-accretive businesses and expanding SLV internationally.
“SLV is an innovative company with a proven and successful business model. The sale of SLV is an example of another successful Industrials investment for Cinven, this time in Germany, following the recent sale of Avio Spazio in Italy.”
Robert Fellner-Feldegg, chief executive at SLV, says: “Cinven has been an excellent partner to SLV. The team has consistently been able to provide support and guidance both in Europe and Asia, which have had a fundamentally positive impact on SLV’s business performance. SLV is extremely well positioned for future growth and we are looking forward to the next phase of our development supported by my strong international team who shares a clear vision going forward.”
