Vendis-backed Inula bolts on Veriditas Botanicals

José Rojo
20 January 2016

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Inula, a Belgian aromatherapy group created by local GP Vendis Capital in January 2014, has entered the US market by purchasing Veriditas Botanicals.

An unquote" source explained that while Vendis helped Inula source and execute the acquisition, it did not support the deal financially.

Inula will use the Veriditas bolt-on as a stepping stone to the US market; the acquirer is expected to benefit from Veriditas's distributor and customer network across the Atlantic.

The acquisition comes almost five years after Vendis became a shareholder in Pranarôm. In February 2011, the retail- and consumer-focused GP struck a deal with the company's CEO Dominique Baudoux to back its plan to grow in Belgium and abroad.

The deal, the third by Vendis since inception in 2009, was followed by the purchase of Belgian peer HerbalGem in January 2014. The add-on saw both aromatherapy laboratories merge into new player Inula; Vendis and Pranarôm's founder each secured a 45% holding, while the remaining 10% was picked up by HerbalGem's founder.

The resulting group came to operate local facilities in Ghislenghien and Vielsalm; subsidiaries in France, Spain and Italy; harvesting land in Belgium and Madagascar; and a worldwide network of distributors.

The bolt-on is the second deal to involve Vendis in the space of a week and comes after the GP kickstarted the investment period for its second fund. On 13 January, the firm bought a majority stake in Dutch fashion brand Petrol Industries, with plans by Vendis to back an existing buy-and-build strategy, partner Vincent Braams told unquote".

Company
Created via the merger of Pranarôm and HerbalGem in 2014, Inula specialises in scientific aromatherapy products such as essential oils. With headquarters in Ghislenghien and Vielsalm, the group's products are sold by pharmacists and organic shops across more than 30 countries. Headquartered in Minneapolis, Veriditas Botanicals was founded in 1995 and sources its natural therapy products from smaller, family-owned organic farms across the US.

People
Vendis Capital – Cedric Olbrechts (co-founder, partner); Matthieu de Medeiros (investment director).
Inula – Sergio Calandri (CEO).
Veriditas Botanicals – Melissa Farris (founder).