Bain Capital, a global private investment firm, recently had its bid to acquire Caverion Corporation, a leading provider of technical services for buildings and industries in Europe, outbid by Triton Partners. Triton offered €1.09 billion for the company, while Bain’s bid was €1.06 billion. In response to the news, Bain Capital released a statement expressing disappointment in the outcome but also expressing confidence in the company’s future prospects.
Caverion Corporation is a Finland-based company that provides a range of technical services for buildings and industries across Europe. The company has a strong presence in Finland, Sweden, Norway, Denmark, Germany, Austria, and Poland. It has more than 17,000 employees and generated revenue of €2.2 billion in 2018.
Bain Capital had been in talks to acquire Caverion since early 2019. The company had been looking to expand its portfolio of investments in Europe and saw Caverion as an attractive opportunity. However, Triton Partners outbid Bain with a €1.09 billion offer.
In response to the news, Bain Capital released a statement expressing disappointment in the outcome but also expressing confidence in the company’s future prospects. The statement read: “We are disappointed that our offer was not accepted, but we remain confident in Caverion’s future prospects and wish them all the best.”
The acquisition of Caverion by Triton Partners is expected to be completed by the end of 2019. The acquisition will give Triton a strong foothold in the European technical services market and will enable it to expand its operations across the continent.
The acquisition of Caverion by Triton Partners is a reminder of the competitive nature of the global private investment market. Companies must be prepared to make competitive bids in order to acquire desirable assets and must be prepared to accept defeat when their offers are outbid. It is also a reminder of the importance of having a strong financial position in order to make competitive bids.
Overall, the acquisition of Caverion by Triton Partners is an important development in the European technical services market and is likely to have far-reaching implications for the industry. It remains to be seen how Bain Capital will respond to this setback and what other investments it will make in the future.
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