STJ acts as Exit Advisor to Cinven, Novo Holdings and Envirotainer Management on the dual-track process leading to the sale of Envirotainer
2022
We are pleased to announce the sale of Envirotainer, the leading global provider of mission-critical cold-chain transport services for pharmaceuticals, to EQT Private Equity and Mubadala.
STJ is pleased to have acted as Exit Advisor to the Shareholders and Company through the decisive stages of the exit process:
Process Design: STJ structured a process to ensure comparability and visibility across both exit alternatives of M&A and IPO. A detailed timeline of key milestones ensured maximum optionality on both tracks. Key gating items were aligned on both the IPO and M&A track to ensure Management and Shareholders had full visibility at decision making points.
Valuation comparability: Against an extremely difficult equity market background (driven by the significant stock rotation from Growth to Value and heightened volatility with the Ukraine war), STJ managed transparent market and bank feedback to enable comparability of the public market valuation and likely outcome vs. an M&A sale.
Equity Story and Positioning: STJ worked with other advisors to optimise Envirotainer’s “Reason to Buy” (including equity story, positioning and valuation and the crucial Management presentation and delivery) which was key for early investor engagement and education of the buyer universe on both the private and public tracks.
Bank and wider Advisor Selection: STJ advised Shareholders and Management on selection and terms of mandate of the appropriate advisor and bank syndicate to ensure advisor motivation and promote transparency across both the M&A and IPO tracks.
Investor Targeting and Education: STJ worked with the banks to design a staged process for investor education ensuring the right investors were targeted and educated early on to maintain viability and optionality of the IPO track relative to the M&A track despite market conditions.
STJ worked harmoniously with all other advisors to structure and execute a carefully orchestrated exit process across both the IPO and M&A tracks for the benefit of all Envirotainer’s stakeholders. Ultimately, this achieved the best outcome through a private M&A sale.
