EdRip exits Novamex to Sodalis

José Rojo
10 September 2015

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Edmond de Rothschild Investment Partners (EdRip) has sold its minority stake in French cleaning product business Groupe Novamex to Italian corporate Sodalis after four years of ownership.

Groupe Novamex, owned via the holding company Inventia, will become part of Sodalis, an Italy-headquartered producer and seller of hygiene-related goods. Under its ownership, the French business will continue to target growth both in France and abroad.

The deal comes four years after EdRip acquired a 25% stake in the business via its Small Cap funds family. Although the equity ticket remained confidential at the time, the GP typically invests around €2-7m with vehicles such as the €112m Cabestan Capital fund.

After the transaction in March 2011, control remained in the hands of the company's founder and CEO Michel Leuthy, who retained a majority interest.

Since then, Novamex has reportedly experienced 10% year-on-year revenue growth and trebled EBITDA. According to its estimations, a 30% market share has been attained within the concentrated washing up liquid sector in France.

Company
Created in 2004, Groupe Novamex produces and sells environmentally friendly cleaning and hygiene products such as washing gel, bleach, shower gel and shampoo, under the Arbre Vert and Soins l'Arbre Vert brands. Headquartered in Cavaillon, the business employs 90 professionals in France, Europe and Asia.

People
EdRip's work on the sale was coordinated by investment director André Renaison and senior project manager Sabrina Bazire. Michel Leuthy founded Novamex and remains the company's current CEO. Fabio Grantata holds the same position at Sodalis.

Advisers
Vendor – BNP Paribas Corporate Finance, Muriel Petit, Marie-Charlotte Bonnemay, Christine Benhamou (Corporate finance); DLA Partners, Jérémy Scemama, Julia Elkel, Marc Huyn (Legal); Juris Vendôme, Thierry Gateau, Cécile Rousset (Legal); EY, Emmanuel Picard, Richard Le Piouffle (Financial due diligence); ICF Environnement, Ferid Ben Slimane, Alexandra Mialet (Environmental due diligence).
Acquirer – Latham & Watkins, Charles-Antoine Guelluy, Fabio Coppola, Béatrice Magotti, Louis Paumier (Legal); Vitale & Co, Antonio Di Lella, Marco Valerio Priore (Financial due diligence).