Cinven Seeks Refinancing for JLA After Shelving £1 Billion Sale
- Private equity firm to keep business after bids disappoint
- Cinven is now looking to refinance UK services firm’s debt
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Buyout firm Cinven is looking to refinance business services firm JLA after pulling a planned sale of the UK company, according to people familiar with the matter.
The private equity firm decided to hold onto the business for longer as it felt the offers it received didn’t properly reflect JLA’s growth prospects, the people said. Cinven had been discussing a potential valuation of more than £1 billion ($1.25 billion) with bidders, the people said, asking not to be identified discussing confidential information.