Avista Capital Partners has bought a 50% stake in Belgium-based online consumer health retailer Vista Healthcare, backing the company's buyout along with management and previous shareholders.
Company founder Yvan Vindevogel previously owned a 48% stake in the company, while Creafund owned 15%, with the rest owned by various families and private individuals.
A 45% stake will be held by the existing shareholders, with a management team of 20 owning a 5% stake, according to De Tijd. Creafund, which invests via an evergreen fund structure, will continue to hold a stake in the company.
According to a statement from buyside adviser Stibbe, the company is valued at €305m. This equates to an EBITDA multiple of nearly 13x, according to De Tijd.
In December 2019, Unquote sister publication Mergermarket cited a report from De Tijd that Vindevogel was seeking a buyer for a 50% stake in the company, expecting the new partner would invest €50-100m. The company planned to use the proceeds to fund add-on acquisitions, according to the report.
US-based sponsor Avista plans to assist the company with its international expansion, focusing on the US, and will also support its growth via further investments and add-on acquisitions, according to a statement from Vision Healthcare. The statement added that Avista emerged as the winning bidder for the company due to its geographic presence in North America and its experience in healthcare investments.
The company's shareholders are prepared to commit more than €100m in additional capital to support Vision Healthcare's growth, according to a statement. The company is currently reviewing a number of add-on acquisitions.
Creafund sold 100% of the shares in its portfolio company Mylène to Vision Healthcare in January 2019, having acquired the cosmetic product producer in an MBO in October 2015. Creafund invested a significant portion of the proceeds from the sale into Vision Healthcare, according to a statement.
Founded in 2017, Vision Healthcare is an online platform that sells healthcare, cosmetic self-care and over-the-counter (OTC) products directly to consumers. Vision Healthcare has grown via a number of add-on acquisitions since its establishment, including Mylène and VitaminExpress.
Vision Healthcare reports sales of €135m. Based in Kortrijk, the company employs 280 people.
Vision Healthcare – Yvan Vindevogel (founder, CEO).
Avista Capital Partners – Dean Thompson (co-CEO).
Equity – Ropes & Gray (legal); Stibbe (legal).
Vendor – Rothschild (M&A); Allen & Overy (legal).
Fund invests equity tickets in the range of €200m-1bn in North American and European companies
Freight service makes its second bolt-on of 2020, having acquired Nova Traffic in May
Clinics will operate under MVZ Meine Gynäkologie Lüdenscheid, a Meine Radiologie Holding subsidiary
GP is deploying capital from its second fund, which closed in 2017 on €600m