Leading European Private Equity firm
About Cinven

Cinven is a leading European private equity firm, founded in 1977, with offices in Guernsey, London, Frankfurt, Paris, Madrid, Milan, Luxembourg, Hong Kong and New York. Funds managed by Cinven acquire Europe-based companies that require an equity investment by our funds of €100 million or more. While Europe remains our focus, Cinven’s Portfolio team helps our European portfolio companies take advantage of international best practices and growth in global markets, in particular opportunities in emerging economies, including those of Asia. We focus on six sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials, and Technology, Media and Telecommunications (TMT).

Cinven funds acquire successful, high-quality companies and work with them to help them grow and develop, using our proven value creation strategies. The typical holding period for an investment is between four to six years. We take a responsible approach towards our portfolio companies, their employees, suppliers and local communities, the environment and society.

Cinven has a strong and consistent investment track record. Cinven is currently investing the Fifth Fund.

The Cinven Funds are managed by Cinven Limited and Cinven Capital Management (V) General Partner Limited (the ‘Guernsey Managers’). The Boards of the Guernsey Managers supervise the governance and risk control framework of the Cinven Funds.

Cinven’s only business is the management of private equity funds, so the issue of potential conflicts of interest in respect of corporate advisory work does not apply to the firm.

Key info
Founded in:
Hugh Langmuir
Managing Partner

Hugh joined Cinven in 1991 and became Managing Partner in 2009. He is responsible for the execution of the firm's strategy, the day-to-day management of the firm and the Investment Committee and Portfolio Review Committee.

Before joining Cinven, Hugh worked at Bain & Company and Citigroup in London and Paris.

Hugh holds degrees from the University of Edinburgh, Harvard University and London Business School.

Business Services

The Business Services sector encompasses a wide range of sub-sectors, including transport, logistics and distribution, facilities and infrastructure management, business process outsourcing, IT services, rental services, inspection and testing, education and staffing. Whilst each is subject to its own industry dynamics, outsourcing is the key driver within the sector worldwide, generating strong organic growth and counter-cyclical trends.

Cinven has considerable investment expertise across the sector, complemented by a large network of industry advisers and corporate contacts. We are actively pursuing many promising investment opportunities.


Cinven’s funds have been actively investing across a range of consumer facing businesses and product markets for over 25 years. The Consumer sector covers three main areas: retail, leisure and consumer goods. In retail, we have made acquisitions in the clothing, department store, DIY, home furnishing and toy segments. In leisure, we have invested in gaming, health and fitness, pubs, cinemas, travel and hotels. In consumer goods, our investments include food manufacturing and distribution, household goods, electrical goods, beverages, textiles and apparel businesses.

Our dedicated Consumer team has experience of investment throughout business cycles, extensive sector knowledge and live transaction experience across Europe, and a deep network of relationships with senior executives and advisors in the sector. We target market-leading companies with defensive growth characteristics; these are typically high volume, low ticket businesses with multi-site operations. The breadth of our experience puts us in a unique position to evaluate opportunities effectively and rapidly when they arise. We work closely with best-in-class management teams to grow our businesses, both organically and through acquisition, and have a track record of investing behind our portfolio companies to enable this.

We have worked successfully alongside corporate partners. We are flexible in our approach to any situation and welcome approaches from potential corporate partners who may wish to explore ways we can work together.

Financial Services

Cinven has identified Financial Services as a sector that provides attractive investment opportunities and has created a dedicated team to focus on the sector. After 10 years of rapid growth, the Financial Services sector has been going through a period of reconfiguration since the credit crunch. This is creating attractive opportunities for Cinven as valuation dislocations emerge and institutions divest non-core assets or seek partners to raise capital.

We are focused on investing in both regulated and non-regulated industries across the Financial Services spectrum on a levered or unlevered basis. Within the sector we continue to apply Cinven's traditional investment approach of identifying market leaders in attractive growth markets. We work frequently with corporate institutions, industry advisers and former executives to help develop and execute our investment strategies.


Cinven has been investing in European healthcare businesses over a 20-year period and invests in market-leading, cash-generative companies. Over the past two decades, we have built up a sector team with a strong industry network, extensive knowledge of the healthcare marketplace and a track record of successfully concluding transactions.

Globally, government healthcare budgets remain under pressure from specific long-term trends. In particular, ageing populations are driving demand for medical support and treatment at the same time as advances in medical technology are offering more and more cures, raising patient expectation and consequently increasing expenditure per patient. As a result of these trends, there is a tension between the more aggressive approach taken by governments towards reimbursement and the demand from society for ever-improving medical care.

There are opportunities for private equity investment in many Western European countries. Key areas include:
- growing efficient, focused, private companies that offer medical services at cheaper rates than the fully-costed equivalent within the public sector, thereby helping reduce government expenditure;
- developing and transferring best practices between healthcare businesses, based on comparisons of global healthcare markets and management practices; and
- the clinically important sector of diagnostics and medical technology which is helping manage people's well being.


The fast-moving technology, media and telecommunications (TMT) sector has consistently produced attractive acquisition opportunities that meet Cinven's investment criteria of market leadership, cash generation and growth.

The sector is affected by structural and cyclical changes that create opportunities for private equity investment. In broadcast media, the proliferation of television and radio channels has reshaped the landscape and has caused the stable audiences of the analogue age to fragment. In telecommunications, the main driver of change is the convergence of telephony, television and the internet. In printed media, revenues have stagnated and there is competition from the internet for both 'eyeballs' and advertising.

Cinven has a 20-year history of involvement in the TMT sector, with a number of landmark transactions to our credit. We have successfully invested in consumer publishing, B2B media, academic publishing, cable and satellite (see table); and we have long-standing relationships with the most important entrepreneurs and managers in the sector. In this rapidly changing environment, our sector team's experience, knowledge and industry network will continue to generate exciting TMT investment opportunities.

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