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

SLV
27 October 2016

Cinven to sell SLV to Ardian

International private equity firm, Cinven, today announces that it has agreed to sell SLV Group (‘SLV’ or 'the Group'), the German-headquartered provider of residential and technical lighting, to Ardian, for an undisclosed consideration.

This represents the second successful realisation of an Industrials business within the last month, following Cinven's agreement to sell Italian-headquartered Avio Spazio to Space2 and Leonardo-Finmeccanica on 20 October 2016. Cinven has a strong track record in Germany; current investments include CeramTec, HEG, JOST, Synlab and Viridium.

Cinven acquired SLV in May 2011 from its founder and HgCapital. Cinven's Industrials and German teams had identified SLV as an attractive opportunity in 2010, developing a close relationship with SLV's management team which led to a 'preferred buyer status'.  Cinven's Portfolio team in Asia was integrally involved in assessing the transaction, primarily focused on SLV's Asian supplier network and sourcing strategies. The insight provided by Cinven's Portfolio team in Asia, combined with Cinven's previous experience across Europe investing in asset-light business models, gave Cinven a significant competitive advantage in the process.

SLV has grown significantly since Cinven's acquisition generating a c.40% increase in sales and reflecting Cinven's well-executed investment strategy. Key achievements include:

  • Strengthening SLV's management team, most importantly with the appointment of a new CEO, Robert Fellner-Feldegg, in February 2014. Robert has been instrumental in transforming SLV and positioning the business for the next phase of growth;
  • Improving SLV's product development process by implementing a bottom-up, structured and scalable product innovation process and optimising the go-to-market time. Notably, Cinven's Portfolio team in Asia supported management in building SLV's first sourcing office in China;
  • Developing SLV's footprint in key geographies through measured, successful and profitable expansion outside of Germany and across different channels;
  • Completing the acquisitions of Unex (2014), a Swiss provider of LED lighting fixtures, Lagotronics (2015), SLV's Dutch Distribution Partner and Nordtronic (2016), a Danish provider of LED lighting products;
  • Further strengthening SLV's relationships with professional electricians and installers through closer partnerships and loyalty programs; and
  • Successfully repositioning and professionalising the business, creating an excellent platform for future growth in its existing markets and internationally.

Bruno Schick, Partner at Cinven, said: "During Cinven's ownership, we have worked closely with SLV's management team to deliver our growth strategy, improving product development and internal processes, completing the acquisition of three value-accretive businesses and expanding SLV internationally."

"SLV is an innovative company with a proven and successful business model. The sale of SLV is an example of another successful Industrials investment for Cinven, this time in Germany, following the recent sale of Avio Spazio in Italy."

Robert Fellner-Feldegg, Chief Executive at SLV, said: "Cinven has been an excellent partner to SLV. The team has consistently been able to provide support and guidance both in Europe and Asia, which have had a fundamentally positive impact on SLV's business performance. SLV is extremely well positioned for future growth and we are looking forward to the next phase of our development supported by my strong international team who shares a clear vision going forward."

Advisors to Cinven on this transaction included: Goldman Sachs International (M&A); McKinsey (commercial); Deloitte (financial); Hengeler Mueller (legal) and KPMG and EY (tax & structuring).

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 โ€“ 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 โ€“ Groupo Albion

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

Sofia Garcia
Tel : +34 91 531 23 88

Italy โ€“ 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