Envirotainer, a Stockholm-headquartered company that is the leading supplier of containers used to move pharmaceutical products by air, said Thursday that Cinven, a private equity firm, has signed an agreement to acquire all shares in Envirotainer from current majority shareholder AAC Capital for an undisclosed sum.
“We are very happy to welcome Cinven as our new owners,”said Michael Berg, chief executive officer of Envirotainer. “Cinven is one of Europe’s leading private equity firms, with substantial activities in healthcare and a strong Nordic track record. They have an important global contact network, a solid understanding of Envirotainer and our industry and will be a strong financial backer for our strategy of continued growth.”
Envirotainer’s website says the company has more than 5,500 containers used to move up to 140,000 pallets of pharmaceuticals each year for 600 customers.
The company makes and rents containers that control temperature using either active temperature control systems based on compressor cooling and electric heating or active temperature control systems based on dry ice refrigeration.
Envirotainers says it has about 300 employees and is supported by a partner network that “includes an additional 300 people who work with our containers every day.” These include employees at more than 100 airlines and 40 logistics companies. Envirotainer says its network includes 2,000 pharma trade lanes connecting 200 airports in 100 countries.
“Envirotainer is the clear leader in a market segment we believe is very interesting, and the company consistently delivers strong growth and high performance,” said Pontus Petersson, a partner at Cinven, which is headquartered in London. “We are very happy to be part of Envirotainer’s continued future development.”
The companies expect the deal to be formally closed later this summer or in early fall when financial regulatory filings have been approved.