On June 3rd, 2020, the private equity firm Bain Capital was outbid by Triton in their attempt to acquire the Finnish building services company Caverion. The bid from Triton was €1.09 billion, while Bain Capital had offered €1.05 billion. This marks the end of a bidding war between the two firms that had been ongoing since April.
Caverion is a leading provider of building services and solutions in Europe, with operations in Finland, Sweden, Norway, Denmark, Germany, Austria, and Poland. The company has over 17,000 employees and provides services such as heating, ventilation, air conditioning, electrical, and automation systems.
The bidding war between Bain Capital and Triton began in April when Bain Capital made an offer of €1.05 billion for Caverion. Triton then entered the fray with a higher offer of €1.09 billion, which was ultimately accepted by Caverion’s board of directors.
Bain Capital responded to the news by saying that they were disappointed by the outcome but respected the decision of Caverion’s board. They also said that they remain committed to investing in the European market and will continue to look for opportunities to invest in companies that have strong potential for growth.
The acquisition of Caverion by Triton is expected to be finalized in the third quarter of 2020. Triton has said that they plan to invest in Caverion’s operations and help the company expand its presence in Europe.
The acquisition of Caverion by Triton is a significant deal for both companies and marks another example of private equity firms investing in European companies. It is also a reminder of the competitive nature of the private equity market and the importance of making competitive offers for companies that have strong potential for growth.
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