ArchiMed makes 400% IRR on HIS exit

ArchiMed reported having sold its stake for an enterprise value in excess of €25m, reaping close to 2.5x money on its investment. The GP added it would be "announcing further liquidity events shortly" in relation to its Med 1 fund.

ArchiMed is exiting the group through a trade sale to German group Doehler, based in Darmstadt and operating as a distributor of natural food ingredients and as a food and beverage industry consultant. HIS will benefit from its acquirer’s 47 production and application centres, and from its sales network spread across 130 countries.

The divestment comes just a year after ArchiMed backed HIS’s management buyout. It is also the first divestment completed by ArchiMed since it was founded by former 3i healthcare team members Denis Ribon, Vincent Guillaumot and Robin Filmer.

The GP explained that the group had hit all its milestones in less than a year, which justified an early exit. During its holding period, the investor focused on several aspects: promoting HIS’s ESG policy, recruiting new staff across all teams, increasing production capacity, and launching consulting services.

Previous funding
In 2016, ArchiMed supported the management team of HIS led by Maxime Angelucci, the former COO of Naturex.

ArchiMed invested through its €150m Med 1 fund, closed in June 2015 above its €120m target. The vehicle targets European companies with €5-30m per transaction. Other portfolio companies include Micromed, Deallus Consulting, RehabWorks, Primo, Fyxteia and Medistream.

Company
Based near Lyon, HIS was founded in 1999 and specialises in producing nutraceuticals, described as food ingredients designed to improve health and derived from natural sources.

People
ArchiMed - Benoît Varichon (director), Clotilde Schnepp (senior analyst), Matthieu Marienbach (business developer), Vincent Guillaumot (managing partner).

Advisers
Vendor – Mazars, Frédéric Maurel (corporate finance); Orsay, Samira Friggeri (legal); Neptune, Jean-Pierre Chaux (tax).
Acquirer - CMS BFL, Alexandra Rohmert (legal, tax).

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• Topics
• Exits
• France
• Consumer
• France
• Trade sale