Cinven has today completed the acquisition of Labco, one of the largest European operators of medical diagnostic laboratories, for an enterprise value of €1.2bn.

Cinven's healthcare team identified Labco as an attractive investment opportunity on the basis of its strong market fundamentals; diversification (by geography, payor and business model); medical leadership in specialist areas such as anatomical pathology, genetic testing and nuclear medicine; strong historic financial performance; and the opportunity to further consolidate the highly fragmented European diagnostics laboratory market.

Following the acquisition of Labco, headquartered in France, Cinven announced the acquisition of synlab, a German headquartered provider of human veterinary laboratory services and environmental analysis across Europe, in June 2015. The combination of synlab with Labco creates the new European champion in the diagnostics industry.

Labco represents the twelfth investment from Cinven's Fifth Fund.