Cinven is revisiting plans to sell JLA Group, a British supplier of equipment and services to businesses, according to people with knowledge of the process who asked not to be named because the details are private. The London-based buyout firm has tapped Goldman Sachs Group Inc. to help explore a sale. Spokespeople for Cinven and for Goldman Sachs said they had no comment.
Cinven tried to sell JLA in 2024 but opted to wait, judging that the bids then on the table didn't capture the company's growth outlook, as reported by Bloomberg News. It has since refinanced the business. Spurred by a downturn in software stocks earlier this year, many private equity firms have pivoted toward heavy assets with low obsolescence (HALOs), lifting interest in traditional service providers - and that backdrop is aiding the renewed effort.
Revived sale talks mean a seller thinks the window has reopened. Market Briefs covers private equity exits free every morning.
Cinven bought JLA from Hg in 2018. JLA provides equipment and support for laundry operations, kitchens, heating systems, and fire protection to business clients throughout the UK. The company carries £650 million ($863 million) of debt due in 2031, comprising a unitranche senior secured loan plus a delayed-draw credit facility.
If JLA fetches between £1.5 billion ($2 billion) and £2 billion, it would underline how buyers are rotating toward durable, physical-service businesses in the AI age. Keep an eye on who shows up to bid and how they finance it - that tells you where the smart money thinks steady cash flows still live.
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