Cinven buys Labco at lower end of recent IPO value range
Private equity group Cinven has agreed to acquire Labco, the pan-European medical group part-owned by FTSE 100 investment group 3i.
3i Group
3,200.00p
16:40 01/11/24
0.88%
28.00p
Financial Services
16,663.85
17:14 01/11/24
2.14%
348.75
FTSE 100
8,177.15
16:39 01/11/24
n/a
n/a
FTSE 350
4,508.38
17:14 01/11/24
n/a
n/a
FTSE All-Share
4,465.61
16:54 01/11/24
n/a
n/a
LABCO
€0.00
15:55 02/09/22
0.00%
€0.00
The deal values Labco at €1.2bn including its debts, towards the bottom end of valuations for the French company's recently shelved flotation.
Labco, which runs clinical diagnostics laboratories around Europe, abandoned plans for a Paris flotation due to its concerns about market volatility.
3i has invested €130m in Labco and syndicated €15m since it first bought a stake in 2008, since when the medical group has made more than 94 acquisitions as part of a buy-and-build strategy.