PE Deals

Bain-led consortium makes public cash tender offer for Caverion

Caverion is a Finnish company headquartered in Vantaa that designs, implements and maintains buildings.

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  • The offer price represents a premium of approximately 49.3% compared to the closing price of €4.69 of the share on Nasdaq Helsinki on 2 November 2022
  • The consortium comprises Bain Capital, Security Trading, Fennogens Investments and Corbis
  • The tender offer values Caverion’s total equity at approximately €955.3 million

Bain Capital announced on Thursday that it has made a voluntary recommended public cash tender offer for all the shares in Caverion via a consortium named North Holdings 3 Oy. The consortium consists of Bain Capital, Security Trading, Fennogens Investments and Corbis. Caverion is a Finnish company headquartered in Vantaa that designs, implements and maintains buildings. The company has revenues of over €2 billion and employs over 14,000 people.

The shareholders will be offered a cash consideration of €7 for each share.  The offer price represents a premium of approximately 49.3 percent compared to the closing price of €4.69 of the share on Nasdaq Helsinki on 2 November 2022. The tender offer values Caverion’s total equity at approximately €955.3 million.

“We have formed a consortium that is exceptionally well-suited to support the successful transformation of the company,” said lvano Sessa, managing director and head of industrial vertical at Bain Capital and Halvor Horten, managing director and head of Nordics at Bain Capital. “This unique group of investors intends to invest a significant amount of time and capital resources to deliver its strategic initiatives, to pursue an ambitious investment program and to support the company.”

Bain Capital is a US private investment firm based in Boston. It invests across assets classes and has approximately $160 billion in assets under management. The firm’s private equity arm invests in the consumer, financial & business services, healthcare, industrial and technology sectors.

Security Trading is a Helsinki-based investment company owned by the Antti Herlin family.  Fennogens and Corbis are Luxembourg-based investment companies owned by individuals of the Ehrnrooth family.