Montagu gears up for Arkopharma exit

Barbara Pianese , Francesca Veronesi and Maryna Irkliyenko
01 February 2022

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Montagu is gearing up for an exit of its French food supplement portfolio company Arkopharma, expected to take place later this year, according to five sources familiar with the situation.

The sponsor has not hired any advisers, two of the sources said.

The auction for the French phytotherapy, natural medicines and dietary supplements company is expected to take place in the second half of the year, three of the sources said.

The sale process is likely to start once its peer company, natural consumer healthcare specialist Havea, is sold, as the two companies are likely to attract the same bidders, two of the sources suggested.

3i recently hired Natixis Partners to explore a sale for Havea, as reported earlier in January by Mergermarket.

Havea manufactures, designs and distributes a wide range of products, including food supplements and personal care products for babies and women. In contrast, Arkopharma is a pure player in the supplements space, which makes it particularly competitive, one of the sources said.

Arkopharma generates around EUR 40m in EBITDA, the sources said, with one of them specifying that the figure incorporates adjustments and refers to 2021.

Montagu acquired Arkopharma in 2014 for an enterprise value of EUR 300m. In 2016, it acquired its Portuguese distributor Distrifa, as per the company's website.

Arkopharma was established in 1980 and is present in 50 countries, operating seven subsidiaries. Products are sold mainly to pharmacists, and health and wellness retail stores.

Montagu declined to comment. Arkopharma did not respond to requests for comment.