3i-backed Ponroy buys Pasquali Healthcare

Alessia Argentieri
01 April 2019

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3i Group- and Cathay Capital-backed Ponroy Santé Group has acquired Italian pharmaceutical company Pasquali Healthcare.

Pasquali Healthcare CEO Costantino Pasquali will stay on with the business and lead the development of Ponroy in the Italian pharmacy channel.

Following this acquisition, Ponroy expects to add new product lines to its offering and strengthen its presence in Italy, where the group currently operates through a subsidiary distributing the Vitarmonyl and Biopha Nature brands.

3i invested in healthcare specialist Ponroy Santé in November 2016 together with Cathay Capital and the company's management. The GPs deployed a combined equity investment of €180m, comprising €150m from 3i and €30m from Cathay, while a debt package was provided by Natixis, BNP Paribas, Societe Generale, Bank of Ireland, ING and HSBC. The business reported EBITDA of €25m from €170m in sales at the time.

This is the third bolt-on made by Ponroy, following its acquisition of Monaco-based food supplements and opthalmic medicines laboratory Densmore in July 2018 and the purchase of Ersa, the owner of the Aragan and Synactifs brands, in September 2017.

According to a statement, with this latest acquisition Ponroy is now the third largest player in the French food supplement pharmacy channel and aims to replicate its business model across Europe with additional acquisitions.

Company
Founded in 1999 and headquartered in Florence, Pasquali Healthcare develops and commercialises over-the-counter drugs and medications for the Italian pharmacy market. The company markets its products under the Dermovitamina brand, which offers a wide portfolio of medications for skin disorders, and the Serenatural brand, which provides dietary and natural food supplements. Pasquali's products are sold through 7,000 pharmacies and several distributors. The company generated revenues of €23m in 2018.

People
Ponroy Santé – Philippe Charrier (CEO, president).
Pasquali Healthcare – Costantino Pasquali (CEO).
3i Group – Rémi Carnimolla (partner, managing director); Gillaume Basquin (director).