Who is circling JLA
Dalmore Capital has shown interest in buying UK commercial equipment supplier JLA Group from Cinven, said people with knowledge of the matter who asked not to be named because the talks are private. Those people said Apax Partners and Nordic Capital are also in the hunt for JLA. Spokespeople for all four firms declined to comment.
Where the sale stands
Cinven brought a JLA sale back to life this year as demand for industrial names improved, with Bloomberg saying earlier this month that the firm is discussing a price tag of more than £1 billion and has tapped Goldman Sachs Group Inc. to advise. Discussions remain active, and there is no promise a deal will happen.
The backstory and the players
Cinven bought JLA from Hg Capital in 2018, tried to sell it in 2024, and then walked away after judging the offers did not properly reflect JLA's growth prospects. Across the UK, JLA supplies equipment and services for business laundry, food-service catering, building heating, and fire protection.
Dalmore oversees £5.7 billion and, per its website, focuses on UK mid-market infrastructure deals. In November last year, Royal London Asset Management Ltd. - the asset-management division of insurer Royal London - bought Dalmore.
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Why investors should care
Industrial asset appetite picking up while private equity tests billion-plus tags points to a still-competitive market for cash-generative service platforms. If a sale lands near the mooted valuation, it underscores ongoing sponsor interest in UK infrastructure-adjacent businesses - a signal for portfolio names with similar recurring revenue and maintenance-heavy models.
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