Bayer sells its Environmental Science Professional business for £2.3 billion

Alistair
By Alistair November 6, 2022 09:03

Biotechnology giant Bayer has agreed to sell its Environmental Science Professional business, which is behind several golf course maintenance products, to a private equity firm for just under £2.3 billion.

Global private equity company Cinven entered into a corresponding agreement with Bayer in March and the conditions for closing the transaction – including the receipt of regulatory approval – have now been met.

This means nearly 900 employees will transfer from Bayer to a divested business called Envu, which was set up this year. It is headquartered in Cary, North Carolina, United States, and is active in over 100 countries.

Envu says it offers dedicated services in golf and professional pest management and its portfolio consists of over 180 well-known brands.

“We thank the employees of Environmental Science Professional for their many years of commitment and the associated success of Bayer. In Cinven, we have found a strong new owner with a firm commitment to the long-term growth potential of the business and to its people,” said Rodrigo Santos, member of the board of management of Bayer AG and head of the Crop Science Division. “At the same time, we can concentrate on our core agricultural business and the successful implementation of our growth strategy in the Crop Science Division.” Bayer will use the net proceeds from the transaction to reduce its net financial debt.

“Envu is a global leader in a highly attractive and critical industry. We thank Bayer for the trust they have placed in Cinven and plan to build on the strong foundations established by Bayer by significantly investing in it,” said Pontus Pettersson, partner at Cinven. “Cinven is excited to build an independent, focused company and is well positioned to continue to drive innovation and accelerate growth, including the delivery of digital and data-enabled solutions, and to extend the product portfolio further by creating innovative and sustainable solutions for its customers.”

 

Alistair
By Alistair November 6, 2022 09:03

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