The London-based buyout firm has agreed to sell SLV Group to Ardian for approximately €800 million, according to a statement released by the firm.
The sale will generate Cinven a two-times return on money invested, according to a person familiar with the matter.
Ardian fought off a number of other buyout firms including 3i, Triton and Lone Star, to agree the deal, the person added. 3i and Triton declined to comment, Lone Star did not respond to requests for comment made prior to US business hours.
Cinven acquired SLV in May 2011 from its founder and fellow buyout firm HgCapital. Under its management SLV has grown significantly, with sales almost doubling.
Growth has been fuelled by a number of add-on acquisitions in other European markets, including the purchases of Unex, a Swiss provider of LED lighting fixtures, and Nordtronic, a Danish provider of LED lighting products.
The deal comes amidst a flurry of activity at Cinven. The exit is the firm’s second sale of an industrials business in a matter of days — it sold Italian space engine manufacturer Avio Space Propulsion on October 20.
The firm has also been active in investing its €7 billion sixth fund. Cinven completed two bumper deals this month, teaming up with CVC to buy credit card services company NewDay for £1 billion. Cinven also bought the ‘Polish Ebay’, Allegro, in a $ 3.25 billion deal alongside Permira and Mid Europa Partners.