Envirotainer is to be acquired by private equity firm EQT and investment company Mubadala.
The current owners of the temperature-sensitive pharmaceuticals solutions company are Cinven and Novo Holdings.
The enterprise value of the deal amounts to about €2.8 billion.
Envirotainer was founded in 1985 in Stockholm, Sweden, where its headquarters, R&D and production are based. Envirotainer designs, manufactures and leases active temperature-controlled containers, used primarily for air freighting biopharma products. It has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
EQT and Mubadala said they would support Envirotainer in its next phase of growth by accelerating expansion in Asia Pacific and continuing growth in the company’s other core markets.
“The temperature-controlled distribution of pharma products offers very attractive and thematic exposure to the fast-growing biopharma end-market,” said Ali Farahani, partner within EQT Private Equity’s advisory team. “Envirotainer is an integral part of the global pharmaceutical infrastructure and the clear global market leader with significant scale advantages, superior operations and industry-leading performance and customer satisfaction. The company has a clear purpose of enabling access to life-saving pharmaceuticals and offers reusable solutions with significantly less CO2 emissions compared to traditional air freight solutions. We continue to see significant growth potential ahead and are excited to partner with the management team to unlock the full potential together with our partners at Mubadala.”
Mubadala’s head of life sciences Camilla Macapili Languille commented: “Envirotainer plays a mission-critical role in the healthcare ecosystem by ensuring the safe and reliable delivery of drugs from pharma companies to hospitals, clinics, and ultimately, patients. Their extensive international footprint ideally positions Envirotainer to meet the pharma industry’s growing need for global temperature-controlled distribution and as the undisputed market leader, they are continuing to pioneer developments in the sector with forward-thinking R&D innovation. We have strong conviction in the company’s growth trajectory and will work closely with management and our partners at EQT to ensure its long-term success.”
Envirotainer’s CEO Peter Gisel-Ekdahl said: “We are pleased with the confidence that EQT and Mubadala have shown us by investing in the company and look forward to closely collaborating to further develop the business. This long-term partnership will strengthen Envirotainer and help us deliver on our purpose of enabling access to life-saving pharmaceuticals. At the same time, this investment, from such esteemed investors, confirms the strength of Envirotainer’s business model and the company’s very exciting future.”
EQT and Mubadala were advised by Jefferies International (M&A), McKinsey & Company (commercial), White & Case (legal), and KPMG (financial, tax, operations).
The transaction is subject to customary conditions and approvals and is expected to close in the third quarter of 2022.