Five Arrows exits pharmacy group Laf Sante to Latour

The GP launched the sale led by Edmond de Rothschild and Deutsche Bank in May, as reported. 

According to Mergermarket, Latour preempted the auction and was granted exclusivity in early July.

Ardian, Naxicap, Antin and Infravia were also circling the asset, as reported. 

The group was marketed off an EBITDA of around EUR 38m with the chain generating around EUR 1bn in 2021, 27% growth on the year before, as reported. 

The sale was expected to reach an enterprise value of at least EUR 500m, as reported. 

Five Arrows said it plans to reinvest alongside Latour and management to help support the international expansion, according to a statement by the buyer. 

Hygie31 includes the Laf Sante brand, which runs around 300 low-cost pharmacies in France; Pharmacorp, with 400 traditional pharmacies; Ecoceutics, with 156 pharmacies in Spain; and Dhygietal, the group's digital arm. 

Laf Sante was formerly known as Lafayette Conseil. 

Latour said it seeks growth via the acquisition of further pharmacies in France and internationally. 

Advisors

Five Arrows – Deutsche Bank (M&A); Edmond de Rothschild Corporate Finance (M&A); McDermott Will & Emery (legal, tax); Accuracy (financial DD); LEK (commercial DD); ESG (PwC).

Latour Capital – Goodwin Procter (legal, tax); BCG (commercial DD); EY (financial DD, tax).

People

Latour Capital – Philippe Léoni, Gaspard Lacoeuilhe, Léa Soulier, Ghita El Youssefi.

Bpifrance Investissement – José Gonzalo, Philippe Vuarchex, Salomé Lema, Elise Toxé, Pierre-Yves Denez. 

Five Arrows Principal Investments – Emmanuel Roth, Victor Decrion, Stéphane Gaudard. 

Hygie31 – Hervé Jouves (CEO). 

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