Bayer has sold its Environmental Science Professional business to the international private equity firm Cinven, after the two companies had entered into a corresponding agreement in March. The divested business will operate as an independent company called Envu.
“Envu is a global leader in a highly attractive and critical industry. We thank Bayer for the trust they have placed in Cinven and plan to build on the strong foundations established by Bayer by significantly investing in it,” said Pontus Pettersson, partner at Cinven. “Cinven is excited to build an independent, focused company and is well positioned to continue to drive innovation and accelerate growth, including the delivery of digital and data-enabled solutions, and to extend the product portfolio further by creating innovative and sustainable solutions for its customers.”
Envu will offer solutions to control pests, disease and weeds in nonagricultural areas such as vector control, professional pest management, vegetation management, forestry, and turf and ornamentals. It is headquartered in Cary, N.C., and is active in over 100 countries. Nearly 900 employees in total will transfer from Bayer to Envu.
The purchase price for the business, which generated sales of approximately 600 million euros in 2021, amounts to 2.6 billion U.S. dollars (2.6 billion euros).