Apax, Nordic Capital and Dalmore circling UK supplier JLA Group - Bloomberg

 Infrastructure investor Dalmore Capital is among suitors weighing an acquisition of British commercial equipment supplier JLA Group from buyout firm Cinven, Bloomberg News reported on Saturday, citing people familiar with the matter.

Private equity firms Apax Partners and Nordic Capital have also been pursuing the business, the people said, speaking to Bloomberg on condition of anonymity to discuss confidential deliberations.

Cinven revived a sale process for JLA earlier this year, targeting a valuation exceeding £1 billion ($1.3 billion) amid strengthening private equity appetite for UK industrial and critical services assets, Bloomberg reported. The buyout firm is working with Goldman Sachs to advise on the divestment.

Discussions remain ongoing and may not lead to an agreement, the people cautioned.

Cinven previously explored an exit for JLA in 2024 but aborted the process after concluding that initial takeover proposals undervalued the company’s medium-term earnings trajectory. Cinven acquired JLA in 2018 from HgCapital.

Headquartered in Ripponden, West Yorkshire, JLA supplies and services commercial laundry, commercial catering, heating, and fire safety systems to institutional clients across Britain, including hospitals, care homes, universities, and hospitality operators.

Dalmore Capital, which focuses on mid-market infrastructure assets and manages approximately £5.7 billion, was acquired in November by Royal London Asset Management Ltd., the investment arm of British insurer Royal London.