3i buys Royal Sanders from Egeria

Oscar Geen
12 February 2018

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3i Group has acquired Dutch personal care products manufacturer Royal Sanders from Amsterdam-based buyout firm Egeria Private Equity.

The deal ends a three-year holding period for Egeria, which purchased the company in a secondary buyout from Bencis Capital Partners in January 2015.

Egeria marketed the company with a minimum EBITDA of €26m, according to Unquote sister publication Mergermarket. The report added that CapVest Partners was likely to participate in the process, having lost out to Egeria in 2014.

3i said the company had demonstrated a consistent and strong track record of profitable growth over the past 10 years, with 13% sales compound annual growth rate resulting in turnover of €150m for 2017.

Previous funding
Bencis acquired Royal Sanders in August 2010. The company recorded a turnover of €60m in 2009.

Egeria backed the second management buyout in 2015, drawing equity from its €600m buyout vehicle, Egeria Private Equity Fund IV. The company reported revenues of €100m for 2014.

Company
Royal Sanders, founded in 1851, is a Dutch manufacturer of personal care products. Its product portfolio includes bath and shower gel; face, hair and body care; and deodorants and fragrances. Its brands include Odorex, Sanicur, Melkmeisje, Proset, FreshUp and Van Gils.

Royal Sanders sells its products in the Netherlands, the UK and Germany. The firm is headquartered in Vlijmen and operates a second production facility in Preston. Royal Sanders has 350 employees and generates a turnover of €150m.

People
3i Group – Peter de Jong (partner).
Royal Sanders – Bart Hullegie (CEO).

Advisers
Vendor – Allen & Overy (legal); EY (financial due diligence).
Company – Rothschild (M&A).