Cinven has agreed to acquire Envirotainer, a provider of temperature-controlled air cargo containers, in a deal understood to be valued at more than €1bn.

Headquartered in Stockholm, Envirotainer designs, manufactures and leases active containers, used mainly for air freighting medicines. With 300 employees, the business also operates from regional centres in Frankfurt, Dallas and Singapore.

Envirotainer is the tenth investment from Cinven’s sixth fund, following the firm’s most recent investments in JLA, Tinsa and Hotelbeds.

Advisors on the transaction included Citigroup and SEB, Roland Berger, FTI Consulting, Clifford Chance and Vinge, Deloitte, and Aon.