Capiton's Euro Vital Pharma buys Principle Healthcare

The acquisition is intended to build Euro Vital Pharma's presence in Europe and to expand its product portfolio in the area of dietary supplements.

Capiton acquired Euro Vital Pharma in October 2018 from BC Partners-backed Aenova Holding. BC Partners* had acquired Aenova from Bridgepoint for €480m in 2012 and subsequently supported the acquisition of Euro Vital in December 2012. Euro Vital Pharma generated €6.5m EBITDA and revenues of €42.2m in 2017.

Capiton invested in Euro Vital Pharma via Capiton V, which held a final close in January 2015 on €440m. The GP is currently on the road for its sixth fund, targeting €550m.

The bolt-on of Principle Healthcare has been supported with additional equity from Capiton.

The GP announced at the time of its acquisition of Euro Vital in 2018 that it intended to support bolt-ons for the business. The company is targeting further add-ons based in Europe and will consider targets of a similar size to Principle, as well as both larger and smaller businesses.

*BC Partners owns a minority stake in Acuris, the publisher of Unquote.

Company
Principle Healthcare manufactures and distributes vitamins, minerals and dietary supplements in the private label consumer healthcare market. Founded in 2002 and based in Skipton, the company serves 7,500 supermarkets, pharmacies and health food retailers. Principle also offers consultancy services in areas including formulation, research and development, and packaging. The company expects to generate revenues of €25m in 2020.

People
Capiton – Alexander Zamor (partner); Frank-Markus Winkler (managing partner).

Advisers
Acquirer – PwC (financial due diligence, tax); Shoosmiths (legal); BMH Braeutigam (legal); BBH (legal); Fidelio Healthcare Partners (technology due diligence).

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• Topics
• Expansion
• DACH
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• Build-up
• Acquisition finance
• United Kingdom
• Germany
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