TCR exits Laboratoires Chemineau in trade sale

The GP backed the MBO of Chemineau in 2005, securing an 85% equity stake – the deal was believed to be valued at around €25m. IKB underwrote the senior debt package, which financed 60% of the buyout.

Groupe Anjac is a French industrial group active in building materials and fixtures, as well as health and beauty products. The acquisition of Chemineau is part of the group's strategy to develop the latter activity.

TCR initiated the sale process by contacting several industrial players, with a focus on potential buyers located outside of Europe. The GP granted privileged access to the business to three trade players, but ultimately received a preemptive offer from Anjac. The negotiations took around four months to finalise. TCR was advised on the sale by Canaccord Genuity.

Previous funding
In 2008, CH-Pharma – the holding company of Laboratoires Chemineau – acquired Laboratoires de la Mer. TCR sold the business to Omega Pharma in 2010 following an attractive offer, holding onto Laboratoires Chemineau.

Company
Chemineau was established in 1947 in Vouvray. The firm specialises in the manufacturing of pharmaceutical and cosmetic products, mainly used for ear, nose, and throat topical or dermatological applications.

The company employs more than 270 full-time staff and posted sales of around €60m in 2012 – up from €32m at the time of the 2005 buyout.

People
Marc Demicheli and Laurent Catry worked on the original deal for TCR.

Advisers
Vendor – Canaccord Genuity, Charles Andrez, Grégoire Le Sourd, Myriam Hosri (M&A).

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