Capza has acquired a minority stake alongside the management in Nutravalia, a French laboratory specialising in food supplements and parapharmacy products.
The GP made the transaction via its Capza 5 Flex Equity Fund, which held its final close at its hard cap of EUR 700m in May 2021, according to Unquote Data.
Nutravalia is the 14th transaction of the fund and Capza’s 35th transaction in the health and wellness sector. A debt package backing the deal was provided by Crédit du Nord, LCL, and Arkéa, according to a press release.
Mergermarket had reported in March that the company was working with Sycomore on a sale, marketed off EUR 6m in EBITDA.
The management will retain a reference shareholding, pursuing organic growth of brands in France, while considering international development and strategic acquisitions. The company aims to accelerate the development of its hair care brand, Luxéol, in France, to launch the brand internationally, starting with Spain and Italy.
“Nutravalia’s founders chose to partner with Capza as our pan-European footprint with offices in the south of Europe, Germany and Benelux would facilitate this strategic goal,” managing partner Maxence Radix told Unquote.
The company is also seeking to consolidate the position of its slimming brand 'Anaca3' in France, notably through a strong innovation pipeline and regular new product launches. The company will target organically new markets, such as the skincare segment, with new product development, according to Radix.
“We think of the investment strategy as two phases, with organic growth and new product development taking place during the first two to three years, followed by the M&A phase with opportunistic targets in France or Europe,” said Radix. “Of course, if we see an opportunity that cannot wait we’ll try to seize it.”
The company would welcome pitches from external advisors in the future as it is currently at an early stage of developing its investment strategy.
Capza foresees increasing consolidation in the pharmaceutical market in France, seeing more players coming to market following big players such as Havea, Cooper, and EA Pharma.
Nutravalia has developed an omnichannel distribution strategy, using digital technology to launch and develop its brands, before moving into pharmacies and parapharmacies. The business has experienced growth of over 54% per year on average, since 2015. It expects to achieve a turnover of about EUR 45m by 2022.
“Nutravalia’s business model with strong growth, high margin and cash conversion, as well as strong brand recognition, makes it a great fit for our Flex Equity Fund,” said Radix.
Founded in 2015 by brothers Samuel and Michel Bouskila, Nutravalia designs, develops, and markets products dedicated to well-being and beauty (food supplements, cosmetics, shampoos). The group has launched two specialised brands that have rapidly entered the pharmacies and parapharmacies network: Luxéol in the hair care segment and Anaca3 in the slimming segment. Based in Mougins, near Cannes, France, Nutravalia employs around 50 people.
Nutravalia – Samuel Bouskila (president and founder); Michel Bouskila (managing director and founder).
Capza − Maxence Radix; Victoire Simon; Laure Tallon (partners).
Nutravalia – Sycomore Corporate Finance François Vigne, Aurélien Singer, Quentin de Fréminville, Adrien Starck, Malo Grosso (M&A); Hogan Lovells Stéphane Huten, Paul Leroy, Florian Tranchecoste, Arnaud Biancheri, Luc Bontoux, Quentin de Donder, Ludovic Geneston, Maximilien Schmitt, Marion Guertault (legal); PwC Martin Naquet-Radiguet, Arnaud Stenger (financial DD); OC&C Stéphane Blanchard, Wassim Chraiki (strategic DD); PwC Eric Hickel, Edith Baccichetti, Bernard Borrely, Katia Gruzdova, Hélène Struve, Claire Rey, Hortense Muhorakeye, Clément Jouanolle (tax, fiscal and social DD).
Equity − Moncey Guillaume Giuliani, Marie Victoire James, Frédéric Bosc, David Malamed, Alexandre Bankowski, Jonathan Devillard, David Maréchal (legal); Oderis Thomas Claverie, Léo Paczek, Gauthier Sarre (financial DD); Indefi x Singulier David Toledano, François Beyssen (strategic DD); Moncey Guillaume Giuliani, Marie Victoire James, Frédéric Bosc, Alexandre Bankowski, Bonnie Brenier, Mathilde Cotillon, Anastasia Fleury (tax, fiscal and social DD).
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