Abu Dhabi-based global investor Mubadala Investment Company and EQT X fund (EQT Private Equity) have agreed to acquire Swedish medical freight firm Envirotainer from Cinven and Novo Holdings for an enterprise value of about $2.99 billion (2.8 billion euros).
Founded in 1985, Envirotainer is the leading global provider of mission-critical, proprietary temperature-controlled supply chain solutions for the transportation of biopharmaceuticals.
The company said that the new investments will accelerate expansion in Asia-Pacific and help out with stable growth in core markets.
Ms. Camilla Macapili Languille, Head of Life Sciences at Mubadala, said that, “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,” Ms. Languille added.
According to the statement, “EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC and continuing stable growth in its other core markets, and will leverage EQT’s local-with-locals approach and Mubadala’s global network to do so.”
The company noted that both investors will help scale the newly launched CryoSure offering and continue the successful roll-out of third-generation Releye containers while investing in new technology innovations, digitalization, and sustainability in its operations.
Mr. Ali Farahani, Partner within EQT Private Equity’s Advisory Team, commented that, “The active temperature control for air transportation of temperature-sensitive pharma products offers attractive exposure to the growing biologics end-market. Envirotainer is the clear global leader with significant scale advantages, superior operations, and industry-leading performance.”
“Moreover, 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 solutions. We see significant growth potential remaining and we look forward to partnering with the management team to unlock the full potential together with our partners at Mubadala,” Mr. Farahani further added.
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