Name comes from 'environment' and 'vision'
October 13, 2022 By Turf & Rec
Bayer has completed the sale of its Environmental Science Professional business to the international private equity firm Cinven, after both companies had entered into a corresponding agreement in March.
The conditions for closing the transaction – including the receipt of regulatory approval – have now been met. The purchase price for the business, which generated sales of approximately 600 million euros in 2021, amounts to 2.6 billion U.S. dollars.
The divested business is set to operate as an independent company called Envu. The business is a global leader that offers solutions to control pests, disease and weeds in non-agricultural 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 more than 100 countries. Nearly 900 employees in total will transfer from Bayer to Envu.
The name Envu comes from the terms “environment” and “vision.”
“Envu is a global leader in a highly attractive and critical industry,” Pontus Pettersson, partner at Cinven. “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. 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.”
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