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Cinven to sell minority stake in SYNLAB to strategic investor Labcorp
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EQS-News: SYNLAB AG / Schlagwort(e): Sonstiges
Cinven to sell minority stake in SYNLAB to strategic investor Labcorp
17.09.2024 / 16:00 CET/CEST
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.
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Cinven to sell minority stake in SYNLAB to strategic investor Labcorp
International private equity firm, Cinven, has reached an agreement to sell
an indirect minority stake in SYNLAB, a leader in medical diagnostic
services and specialty testing in Europe, to strategic investor Labcorp.
Labcorp is a global leader of innovative and comprehensive laboratory
services headquartered in the United States. Labcorp will acquire the
indirect minority stake through an intermediate holding company established
to hold the investment with SYNLAB and will be represented on the holding
company board along with Cinven and the other co-investors. The purchase
price for this indirect minority stake of 15 percent was approximately EUR140
million.
SYNLAB offers a full range of innovative and reliable medical diagnostic
services to patients, practising doctors, hospitals and clinics, governments
and corporates. With more than 27,000 employees, including over 2,000
medical experts, SYNLAB operates in over 30 countries across four continents
and has leading positions in many markets. The company performed
approximately 600 million laboratory tests and achieved revenues of EUR2.64
billion in 2023.
SYNLAB has made significant progress under Cinven's ownership and the
leadership of CEO, Mathieu Floreani. The combination of a successful
buy-and-build strategy, growth investments and a series of commercial and
operational initiatives have enabled SYNLAB to achieve strong organic growth
and successfully navigate a challenging market environment over the last two
years. Key initiatives included:
* Making significant investments in state-of-the-art laboratory and
information technology to enhance efficiency and improve the customer
experience;
* Establishing a strong track record of partnerships with public
hospitals;
* Improving the accessibility of medical diagnostic services for consumers
and expanding the availability of the latest innovations and specialty
testing across its network;
* Advancing medical research in partnership with the scientific community,
publishing more than 300 articles annually in scientific journals;
* Strengthening the capabilities and global network of SYNLAB through a
successful track record of strategic and bolt-on acquisitions;
* Expanding into new markets internationally, particularly across Latin
America; and
* Supporting the development and implementation of a strong ESG and
sustainability programme.
Anastasya Molodykh-McFarlane, Senior Principal and member of Cinven's
Healthcare sector team, stated:
"We are very pleased to welcome Labcorp as a shareholder in SYNLAB. We have
great respect for the long-term growth story and healthcare excellence at
Labcorp and believe that Labcorp's investment underscores the future
potential of SYNLAB. The investment by Labcorp is another significant
milestone in Cinven's strong Healthcare track record."
Glenn Eisenberg, Chief Financial Officer, Labcorp, commented:
"Our investment in SYNLAB as a minority shareholder provides Labcorp with a
role on the co-investors' holding company board and the commitment to
explore possible opportunities in the future to bring Labcorp's innovative
specialty tests to markets in Europe, consider possible procurement
collaborations, evaluate opportunities to support advances in clinical
trials and enrollment and improve personalized care."
Mathieu Floreani, CEO of SYNLAB, added:
"With Cinven, SYNLAB has a strong majority shareholder who knows the company
and the sector very well. Together, we have built the leading European
clinical laboratory and medical diagnostic services company. Through
Labcorp's minority investment, SYNLAB now receives additional backing from a
strategic investor that is deeply embedded in the diagnostics market. I am
excited to continue our development together with the Cinven team and
Labcorp and explore opportunities to bring Labcorp's innovative specialty
tests into markets across Europe."
Completion of the transaction is expected in the first quarter of 2025 and
is subject to regulatory approvals.
Media contacts
Cinven
Alison Raymond Tel. +44 (0)7826 856 198 Email.
[1]alison.raymond@cinven.com 1.
mailto:alison.raymond@cinven.com
Clare Bradshaw Tel. +44 (0)7881 918 967 Email.
[1]clare.bradshaw@cinven.com 1.
mailto:clare.bradshaw@cinven.com
FTI Consulting
(Advisers to
Cinven)
Lutz Golsch Tel. +49 (0)173 651 7710 Email.
[1]lutz.golsch@fticonsulting.com 1.
mailto:lutz.golsch@fticonsulting.com
David Eeckhout Tel. +49 (0)151 467 12316 Email.
Labcorp Kimbrel [1]david.eeckhout@fticonsulting.com Tel. +1
Arculeo (Media) 336-436-8263 Email. [2]Media@labcorp.com Tel. +1
Christin 336-436-5076 Email. [3]Investor@labcorp.com 1.
O'Donnell mailto:david.eeckhout@fticonsulting.com 2.
(Investors) mailto:Media@labcorp.com 3.
mailto:Investor@labcorp.com
About Cinven
Cinven is a leading international private equity firm focused on building
world-class global and European companies. Its funds invest in six key
sectors: Business Services, Consumer, Financial Services, Healthcare,
Industrials and Technology, Media and Telecommunications (TMT). Cinven has
offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and
Luxembourg.
Cinven takes a responsible approach towards its portfolio companies, their
employees, suppliers, local communities, the environment and society.
Cinven Capital Management (V) General Partner Limited, Cinven Capital
Management (VI) General Partner Limited, Cinven Capital Management (VII)
General Partner Limited and Cinven Capital Management (SFF) General Partner
Limited are each authorised and regulated by the Guernsey Financial Services
Commission, and Cinven Limited is authorised and regulated by the Financial
Conduct Authority.
In this press release 'Cinven' means, depending on the context, any of or
collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and
their respective Associates (as defined in the Companies Act 2006) and/or
funds managed or advised by any of the foregoing.
For additional information on Cinven please visit www.cinven.com and
www.linkedin.com/company/cinven/.
About Labcorp
Labcorp(NYSE: LH) is a global leader of innovative and comprehensive
laboratory services that helps doctors, hospitals, pharmaceutical companies,
researchers and patients make clear and confident decisions.We provide
insights and advance science to improve health and improve lives through our
unparalleled diagnostics and drug development laboratory capabilities.The
company's more than 67,000 employees serve clients in approximately 100
countries, provided support for 84% of the new drugs and therapeutic
products approved in 2023 by the FDA and performed more than 600 million
tests for patients around the world.Learn more about us at www.labcorp.com.
About SYNLAB
SYNLAB Group is the leader in medical diagnostic services and specialty
testing in Europe. The Group offers a full range of innovative and reliable
medical diagnostics to patients, practising doctors, hospitals and clinics,
governments and corporates.
Providing the leading level of service within the industry, SYNLAB is the
partner of choice for routine and specialty diagnostics in human medicine.
The Group continuously innovates medical diagnostic services for the benefit
of patients and customers.
SYNLAB operates in more than 30 countries across four continents and holds
leading positions in most markets, regularly reinforcing the strength of its
network through a proven acquisition strategy. More than 27,000 employees,
including over 2,000 medical experts, contribute every day to the Group's
worldwide success.
SYNLAB performed around 600 million laboratory tests and achieved revenues
of EUR2.64 billion in 2023.
More information can be found on www.synlab.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not
limited to statements with respect to the benefits of Labcorp's indirect
minority investment in SYNLAB, potential opportunities to bring Labcorp's
innovative specialty tests to market in Europe, potential procurement
collaborations between Labcorp and SYNLAB and potential support for advances
in clinical trials and the expected timing to close the transaction.
Each of the forward-looking statements is subject to change based on various
important factors, many of which are beyond the parties control, including
without limitation: (i) the risk that the transaction may not be completed
in a timely manner or at all; (ii) expected timing to closing; (iii) the
failure to satisfy closing conditions, including the receipt of certain
regulatory approvals; (iv) the occurrence of any event, change or other
circumstance that could give rise to the termination of the transaction
agreements; (v) potential difficulties with employee retention and employee
relations; (vi) the trading price of Labcorp's stock, competitive actions
and other unforeseen changes and general uncertainties in the marketplace;
(vii) changes in government regulations; (viii) customer purchasing
decisions, including changes in payer regulations or policies; (ix) other
adverse actions of governmental and third-party payers; (x) changes in
testing guidelines or recommendations; (xi) the impact of global
geopolitical events; (xii) the effect of public opinion on each party's
reputation; (xiii) adverse results in material litigation matters, if
applicable; (xiv) the impact of changes in tax laws and regulations; (xv)
failure to maintain or develop customer relationships; (xvi) failure in
information technology, systems or data security; (xvii) personnel costs;
(xviii) inflation, and (xix) increased competition. These factors, in some
cases, have affected and in the future (together with other factors) could
affect Labcorp's ability to implement its business strategy, and actual
results could differ materially from those suggested by these
forward-looking statements. As a result, readers are cautioned not to place
undue reliance on any forward-looking statements.
Labcorp has no obligation to provide any updates to these forward-looking
statements even if its expectations change. All forward-looking statements
are expressly qualified in their entirety by this cautionary statement.
Further information on potential factors, risks and uncertainties that could
affect operating and financial results is included in the most recent Annual
Report on Form 10-K and subsequent Forms 10-Q, including in each case under
the heading RISK FACTORS, and in the other Labcorp filings with the SEC. The
information in this press release should be read in conjunction with a
review of Labcorp's filings with the SEC including the information in the
company's most recent Annual Report on Form 10-K, and subsequent Forms 10-Q,
under the heading MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
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17.09.2024 CET/CEST Veröffentlichung einer Corporate News/Finanznachricht,
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Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.
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Sprache: Deutsch
Unternehmen: SYNLAB AG
Moosacher Straße 88
80809 München
Deutschland
Telefon: +49 1701183753
E-Mail: ir@synlab.com
Internet: www.synlab.com/
ISIN: DE000A2TSL71
WKN: A2TSL7
Börsen: Freiverkehr in Hamburg
EQS News ID: 1989971
Ende der Mitteilung EQS News-Service
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1989971 17.09.2024 CET/CEST
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Quelle: dpa-AFX
