3i and Cathay invest combined €180m in Ponroy

Alice Tchernookova
04 November 2016

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3i Group and Cathay Capital have invested a combined €180m in healthcare group Ponroy Santé, together taking a majority stake in the group.

As a result of the transaction, 3i will hold a majority stake in the group. Company executives Fabrice Cahierc (CEO), Philippe Charrier (executive chairperson) and Arnaud Ponroy (former executive chairperson) will also retain interests in the company. Cahierc and Ponroy were previously invested in the group, while Charrier is a new shareholder.

3i invested in equity from its own balance sheet, contributing a total of €150m to the round, while Cathay invested €30m. According to the GP, Ponroy has registered a 10% annual growth rate over the last four years.

3i and Cathay said in a statement they would build on the company's strength in Europe, and further develop its global presence. Ponroy Santé already has a presence in Asia (Hong-Kong, China) and the Americas. Sino-French GP Cathay is expected to play a key role in the group's expansion into the Asian market.

Debt
A debt package was provided by Natixis, BNP Paribas, Societe Generale, Bank of Ireland, ING and HSBC to support the transaction.

Company
Founded in 1975 and headquartered in Boufféré, near Nantes, Ponroy Santé manufactures a range of natural healthcare and cosmetics products from functional and natural food supplements to natural cosmetics and hygiene products for babies and women. The group distributes its products through a chain of retailers, pharmacies, and drugstores, as well as through online sales.

Ponroy Santé operates under several brands, including Biolane, Yves Ponroy, Vitarmonyl, Manhae, Lecitone, Force G, Ultrabiotique and Naturé Moi. It manufactures most of its products in its French production plant, and exports products to 50 countries worldwide, with 35% of its sales coming from exports. According to the GP, the group currently generates €170m in revenues with EBITDA of €25m.

People
3i Group – Rémi Carnimolla (managing director); Guillaume Basquin (director).