PSIRU Company Details

Company Name: CINVen

Home country: UK

CINVen Ltd

105-108 Old Broad StreetPinners Hall

London EC2N 1EH

Pinners Hall

European Works:

Directors

RA Hall (chm), IA Carslaw, JGG Clarke, G Brice, AN Joy, GJ Keniston-Cooper, HM Langmuir, B Linden, AW Marchant, RJ Munton, SN Rowlands, NB Wheeler, YV Chotai

Last Updated:

PSIRU Capsule
In July 1997 Cinven the independent venture capital company bought the healthcare division of Generale des Eaux, Generale de Sante (French company) and General Healthcare (UK company). Generale de Sante is active in the acute care sector, but also operates retirement homes, rehabilitation centres and psychiatric hospitals, while its international division undertakes hospital management in Italy and Portugal and runs retirement homes in Canada. General Healthcare, the U.K.'s second largest private hospital and health-care group, has revenue of Dollars 422 million from two principal businesses-private acute hospital care and private psychiatric care-with 37 hospitals and 6,000 staff nationwide. Cinven is the majority shareholder in General Healthcare. It holds a 30% stake in Generale de Sante. In the U.K, in 1995 Cinven bought Amicus Healthcare from the Compass Group, a merger is planned between General Healthcare and Amicus that will position Cinven as the owner of the largest private health-care providers on either side of the Channel. A Cinven director said: "The European private health-care market offers significant opportunities for expansion and we will provide the investment backing necessary to take advantage of the increasing market for private health care and hospital facilities and resources." Source: Predicasts PROMT (Q1:71) The following profile provides you with summary information on the company you have requested. Further details may be available in the Finance, Contracts and News sections. HISTORY: CINVen was formed in 1988 and bought by its management from British Coal Corporation on 31 October 1995. At the close of business on 31 October 1995 the entire share capital was acquired by Importdat Ltd. Importdate Ltd changed its name to CINVen Group Ltd on 23 November 1995. OWNERSHIP: The parent company of CINVen Ltd is CINVen Group Ltd. DIRECTORS: Most of the directors has several other directorships, many of them being other CINVen Group companies. The Chairman, RA Hall, is also a director of Sema Group plc. ACTIVITIES: The principle activity of CINVen Ltd is the management of investment funds, which was its activity when it was the British Coal investment fund. CINVen is known for its preference for backing management buy-outs. CINVen Ltd owns: CIN Investors Nominees Ltd - whose main activity is to act as nominee and agent for the participants of the co-investment plan. RoyVenture Nominees Ltd - whose main activity is to act as nominee for the Royal Insurance centure capital portfolio. The most recent acquisition by CINVen is: July 1997: British fund management firm CINVEN Ltd said on it has bought the health activities of French conglomerate Generale des Eaux in a deal valued at 1.1 billion pounds (Dollars 1.8 billion). CINVEN plans to merge General Healthcare with Amicus Healthcare, Britain's fourth largest group which it bought for Pounds 170m from catering groupCompass in December 1995. March 1997: CINVen buys DERA'S IT Services Oxoid, the microbiology arm of Unipath, a subsidiary of Unilever, in January 1997 for an undisclosed sum. Oxoid is based in Basingstoke and employs 600 people, mainly in the UK. It has another plant in Germany and licences the manufacture of its products in other countries. Its products are for use in clinical and industrial laboratories to detect, grow and identify micro-organisms such as E Coli. Customers include hospitals and the food and beverage and pharmaceuticals industry. A CINVen director, Yagnish Chotai, will join the board. Other recent activities by members of the CINVen Group reflect the kind of business deals it gets involved in: December 1996: Partial finance of the purchase of Caradon’s European engineering and distribution businesses to Vector Industries, an investment ‘vehicle’ set up in 1994 by CINVen. Since being set up in 1994, Vector has expanded into marine engineering and has bought six companies from the Italian group, Feruzzi. December 1996: Establishment of an investment fund worth £300m by raising funds from 20 other institutions in N America, Europe and the Middle East. December 1996: Reorganisation of Advance International, a Yorkshire-based power supply business bought by CINVen in 1994. At least one plant will be closed and the business will concentrate on the German automotive industry. September 1996: CINVen led the MBO of Dunlop Slazenger from BTR. September 1996: CINVen invests components distributor, IEC in order to buy another distributor, Micromark. Ongoing: Lead financer to Newsquest Media Group to buy Westminster Press from Pearson. June 1996: CINVen buys Routledge book publishers from Thomson Corporation. 1995: CINVen bought Amicus, the healthcare division, from the Compass group. FINANCES: CINVen has a longtern loan of £1,500,000 from CINVen Group Ltd.

PSIRU Capsule

In July 1997 Cinven the independent venture capital company bought the healthcare division of Generale des Eaux, Generale de Sante (French company) and General Healthcare (UK company). Generale de Sante is active in the acute care sector, but also operates retirement homes, rehabilitation centres and psychiatric hospitals, while its international division undertakes hospital management in Italy and Portugal and runs retirement homes in Canada.

General Healthcare, the U.K.'s second largest private hospital and health-care group, has revenue of Dollars 422 million from two principal businesses-private acute hospital care and private psychiatric care-with 37 hospitals and 6,000 staff nationwide. Cinven is the majority shareholder in General Healthcare. It holds a 30% stake in Generale de Sante. In the U.K, in 1995 Cinven bought Amicus Healthcare from the Compass Group, a merger is planned between General Healthcare and Amicus that will position Cinven as the owner of the largest private health-care providers on
either side of the Channel.

A Cinven director said:

"The European private health-care market offers significant opportunities
for expansion and we will provide the investment backing necessary to take
advantage of the increasing market for private health care and hospital
facilities and resources." Source: Predicasts PROMT (Q1:71)

The following profile provides you with summary information on the company you have requested. Further details may be available in the Finance, Contracts and News sections.

HISTORY:
CINVen was formed in 1988 and bought by its management from British Coal Corporation on 31 October 1995. At the close of business on 31 October 1995 the entire share capital was acquired by Importdat Ltd. Importdate Ltd changed its name to CINVen Group Ltd on 23 November 1995.

OWNERSHIP:
The parent company of CINVen Ltd is CINVen Group Ltd.

DIRECTORS:
Most of the directors has several other directorships, many of them being other CINVen Group companies. The Chairman, RA Hall, is also a director of Sema Group plc.

ACTIVITIES:
The principle activity of CINVen Ltd is the management of investment funds, which was its activity when it was the British Coal investment fund. CINVen is known for its preference for backing management buy-outs.

CINVen Ltd owns:

CIN Investors Nominees Ltd - whose main activity is to act as nominee and agent for the participants of the co-investment plan.
RoyVenture Nominees Ltd - whose main activity is to act as nominee for the Royal Insurance centure capital portfolio.

The most recent acquisition by CINVen is:

July 1997: British fund management firm CINVEN Ltd said on it has bought the health activities of French conglomerate Generale des Eaux in a deal valued at 1.1 billion pounds (Dollars 1.8 billion). CINVEN plans to merge General Healthcare with Amicus Healthcare, Britain's fourth largest group which it bought for Pounds 170m from catering groupCompass in December 1995.

March 1997: CINVen buys DERA'S IT Services

Oxoid, the microbiology arm of Unipath, a subsidiary of Unilever, in January 1997 for an undisclosed sum. Oxoid is based in Basingstoke and employs 600 people, mainly in the UK. It has another plant in Germany and licences the manufacture of its products in other countries. Its products are for use in clinical and industrial laboratories to detect, grow and identify micro-organisms such as E Coli. Customers include hospitals and the food and beverage and pharmaceuticals industry. A CINVen director, Yagnish Chotai, will join the board.

Other recent activities by members of the CINVen Group reflect the kind of business deals it gets involved in:

December 1996: Partial finance of the purchase of Caradon’s European engineering and distribution businesses to Vector Industries, an investment ‘vehicle’ set up in 1994 by CINVen. Since being set up in 1994, Vector has expanded into marine engineering and has bought six companies from the Italian group, Feruzzi.

December 1996: Establishment of an investment fund worth £300m by raising funds from 20 other institutions in N America, Europe and the Middle East.

December 1996: Reorganisation of Advance International, a Yorkshire-based power supply business bought by CINVen in 1994. At least one plant will be closed and the business will concentrate on the German automotive industry.

September 1996: CINVen led the MBO of Dunlop Slazenger from BTR.

September 1996: CINVen invests components distributor, IEC in order to buy another distributor, Micromark.

Ongoing: Lead financer to Newsquest Media Group to buy Westminster Press from Pearson.

June 1996: CINVen buys Routledge book publishers from Thomson Corporation.

1995: CINVen bought Amicus, the healthcare division, from the Compass group.

FINANCES:
CINVen has a longtern loan of £1,500,000 from CINVen Group Ltd.

	PUBLIC SERVICES INTERNATIONAL RESEARCH UNIT @ Business School,

Company Name: CINVen

Go to new PSIRU website and database