Cinven Said to Hire Goldman Sachs to Revive Shelved JLA Sale

Buyout firm Cinven is preparing a sale of JLA Group , reviving a deal for the UK commercial equipment and services provider at a time of increased interest in industrial assets, according to people familiar with the matter.

The London-based investor is working with Goldman Sachs Group Inc. on the potential divestment, the people said, asking not to be identified because the information is private.

In a transaction, the company could be valued at £1.5 billion ($2 billion) to £2 billion, according to the people. Representatives for Cinven and Goldman Sachs declined to comment.

The private equity firm attempted to sell the business in 2024 but decided to hold onto it for longer after deeming the offers as not properly reflecting JLA’s growth prospects, Bloomberg News reported at the time. Cinven has since refinanced the business.

The move now comes after a selloff in software companies earlier this year that forced the private equity industry to rethink its priorities. Many firms are turning to so-called heavy assets with low obsolescence, known as HALOs, in the AI era, boosting demand for old fashioned service providers.

Cinven acquired JLA from Hg in 2018. The company provides commercial laundry, catering, heating and fire safety equipment and services to customers across the UK.

JLA has £650 million ($863 million) of debt maturing in 2031, including a unitranche senior secured loan and a delayed-draw credit facility.