Vendis puts Sylphar on the market

Francesca Veronesi and Barbara Pianese
13 October 2021

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Vendis Capital has hired Rothschild to advise on the sale of Sylphar, a Belgium-based over-the-counter (OTC) health products and cosmetics specialist, two sources familiar with the situation said.

Information memorandums have already been circulated, one of the sources said.

The sell-side is looking for a buyer to acquire a majority stake in the business, which generated EUR 10m in EBITDA in 2020 and is forecasting EUR 15m for 2021, the source added.

Private equity firms are looking with interest at the asset, the second source said. Sylphar could be an attractive proposition to those PE houses that recently circled French household cleaning and care products group Swania, the first source suggested. The homecare products specialist was eventually snatched up over the summer by German consumer company Henkel.

Among trade players, Perrigo could make sense as a bidder, said a sector banker. The Ireland-based company sells OTC products, prescription pharmaceuticals and consumer products. Last month, it acquired HRA Pharma, a specialist in skin care and women's health, for EUR 1.8bn.

Sylphar was established by its founder, Robin List, in 2008 as a spinoff from Remedent, a California-based manufacturer of cosmetic dentistry products. Vendis Capital, a sponsor specialised in the consumer brands sector, acquired a stake in 2017, investing alongside List, as well as the management team.

Under Vendis's ownership, the group pursued a buy-and-build strategy — it acquired UK-based Pro Teeth Whitening in 2018 and food supplements specialist Nutravita in 2019. It also purchased Belgian antiperspirant companies Axitrans and Axideo, while in 2020 it added German Alpha Foods, a food supplements and vegan nutrition brand.

Sylphar manages a portfolio of brands in the oral beauty, oral therapy and medicated skincare market segments. These are distributed in around 50 countries with the support of local distribution partners and through online platforms. The company's main markets include Spain, the UK, Germany, France, Italy and eastern Europe.

Vendis declined to comment. Rothschild and Sylphar did not reply to a request for comment.