Media centre

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG

Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

Just Group plc
13 June 2013

Cinven raises €5.3bn for its Fifth European Buyout Fund
Successful Partnership IPO generates a total return of over 8x

European private equity firm, Cinven, today announces that it has exceeded its target and held a final close for its Fifth European Buyout Fund (‘the Fund') at €5.3 billion. This follows a close in March 2013 at €5 billion.

The Fund remains the largest pool of capital currently dedicated exclusively for European buyouts. It has already made investments in three businesses - two business services companies, Pronet and Prezioso, based in Turkey and France, respectively; and UK-based healthcare business, AMCo.

In addition, Cinven's Fourth Fund has successfully completed the IPO and partial realisation of Partnership Assurance Group plc ("Partnership" or "the Company"), a leading provider of non-standard annuities, which offers better terms to customers with medical conditions. Following its Admission to the London Stock Exchange on 12 June, Partnership will have generated gross proceeds of €343 million for investors and a total return of more than 8x including Cinven's remaining shareholding in the Company.

Cinven made its original investment in Partnership in 2008 and retains a 52% shareholding in the Company post-IPO (following the exercise of the over-allotment option). Based on yesterday's closing price of 450p (up 17% on the IPO price of 385p), the Fourth Fund's residual stake is valued at €1.1 billion.

Cinven's investment reflects its track record of investing in successful Financial Services businesses following the establishment of a dedicated Financial Services team in 2006. Its other financial services investments include Avolon, the aircraft leasing business, and Guardian, the consolidator of closed life assurance books.

Cinven Funds have realised more than €6 billion of value for investors since the start of 2011 including the proceeds realised from the successful Partnership IPO following its Admission to the London Stock Exchange, and the realised value from the disposal of Avio's aviation unit to GE at the end of 2012.

Alexandra Hess, Partner of Cinven Partners LLP with responsibility for fundraising and IR, said:

"The final closing of our Fifth Fund reflects the confidence our investors have in Cinven's ability to capitalise on our sector insights and invest this fund in European-centric businesses. Having raised €5.3 billion, which is ahead of our target, we believe Fund 5 is right-sized for the investment opportunities we currently see across Europe. We remain focused on investing in European-centric companies with strong growth potential that we can accelerate either globally or in their domestic markets."

Hugh Langmuir, Managing Partner of Cinven Partners LLP, added:

"The success of Partnership underscores Cinven's Financial Services team's expertise in successfully investing in what is a complex and regulated sector. As a result, we are well positioned to target further investment opportunities in the sector for Fund 5. We are also continuing to see highly attractive investment opportunities across our other core

Portfolio company videos

 Clinical Trials

Bioclinica

Clinical Trials

 Travel services provider

Hotelbeds Group

Travel services provider

 Truck component manufacturer

Jost

Truck component manufacturer

 Footwear and accessories retailer

Kurt Geiger

Footwear and accessories retailer

 Contract research organisation

Medpace

Contract research organisation

 Electronic security and alarm systems

Pronet

Electronic security and alarm systems

 Property valuation and advisory services

Tinsa

Property valuation and advisory services

 Ufinet is a neutral telecom operator.

Ufinet

Ufinet is a neutral telecom operator.

 Business services software

Visma

Business services software

Media contacts

Cinven

Vanessa Maydon
Corporate Affairs Director
Tel : +44 (0)20 7661 3325
Mob : +44 (0)7802 961 902
Email : Vanessa Maydon

Clare Bradshaw
Communications Manager
Tel : +44 (0)20 7667 3248
Mob : +44 (0)7881 918 967
Email : Clare Bradshaw

UK - FTI Consulting

Edward Bridges
Tel : +44 (0)20 7269 7147
Mob : +44 (0)7768 216 607
Email : Edward Bridges

Stephanie Ellis
Tel : +44 (0)20 3727 1173
Mob : +44 (0)7890 543 056
Email : Stephanie Ellis

France – FTI Consulting

Guillaume Granier
Tel : +33 (0)1 47 03 68 61
Mob : +33 (0)6 32 65 79 28
Email : Guillaume Granier

Caroline Guilhaume
Tel : +33 (0)1 47 03 68 17
Mob : +33 (0)6 38 91 88 51
Email : Caroline Guilhaume

Germany - FTI Consulting

Lutz Golsch
Tel : +49 (0)69 920 37 110
Mob : +49 (0)173 651 7710
Email : Lutz Golsch

Daniel Herbert
Tel : +49 (0)69 920 37 183
Mob : +49 (0)151 122 63834
Email : Daniel Herbert

US - Joele Frank

Jonathan Keehner
Tel : +1 212.355.4449
Mob : +1 917 589 2073
Email : Jonathan Keehner

Julie Oakes
Tel : +1 212.355.4449
Mob : +1 917 574 7263
Email : Julie Oakes

Spain – Groupo Albion

Alejandra Moore Mayorga
Tel : +34 91 531 23 88
Email : Alejandra Moore Mayorga

Sofia Garcia
Tel : +34 91 531 23 88

Italy – Community Group

Roberto Patriarca
Tel : +39 02 89 40 42 31
Mob : +39 335 65 09 568
Email : Roberto Patriarca

Marco Pedrazzini
Tel : +39 02 89 83 66 21
Mob : +39 347 0369 222
Email : Marco Pedrazzini