Bain Capital’s Caverion deal has been challenged by Triton’s €1.09bn offer, prompting a counterattack from Bain. The private equity firms are battling for control of the Finnish building services company, which provides heating, ventilation, and air conditioning systems for commercial and industrial buildings.
Bain Capital had initially agreed to buy Caverion in 2013 for €1.4bn, but the deal was delayed due to regulatory issues. In 2014, Bain completed the acquisition of Caverion’s Swedish operations, but the Finnish business remained in limbo.
Triton’s offer of €1.09bn for Caverion has put pressure on Bain to increase its bid. Bain responded by launching a counterattack, accusing Triton of undervaluing the company and attempting to take advantage of the regulatory delays.
Bain has also stated that it has the support of Caverion’s management and board of directors, who have recommended that shareholders reject Triton’s offer. Bain has also pointed out that it has invested heavily in Caverion since 2013, improving its financial performance and positioning it for future growth.
However, Triton has countered by stating that its offer is fair and reflects the current market conditions. The private equity firm has also stated that it has a strong track record of successfully investing in companies in the building services sector.
The battle for Caverion highlights the competitive nature of the private equity industry, where firms are constantly looking for opportunities to acquire and grow businesses. It also underscores the importance of due diligence and careful evaluation of potential investments, as well as the need for flexibility in responding to changing market conditions.
Ultimately, the decision on whether to accept Bain’s or Triton’s offer will be up to Caverion’s shareholders. However, regardless of the outcome, the battle for control of Caverion is likely to have a significant impact on the future of the company and the building services sector as a whole.
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