Riverside generates 4.3x on sale of Euromed

The firm made the divestment from its $340m buyout vehicle, Riverside Europe Fund V, which held a final close in September 2017.

Since Riverside's acquisition in 2015, Euromed has reported compound annual sales growth of 16%, resulting in a turnover of €70m for 2018, while more than doubling its EBITDA to €20m.

During the holding period, Riverside supported the bolt-on of ProbelteBio, which enhanced production capacity by approximately 30% and diversified the firm's product portfolio.

Acquirer Dermapharm reported €110.2m EBITDA from €467m sales in 2017 and employs approximately 1,100 people.

Previous funding
Riverside carved out Euromed from its Swedish parent, Meda, in December 2015 for an enterprise value of €82m, 10.3x its 2014 EBITDA of €8m. LGT Capital Partners provided a €40m senior debt package to support the acquisition.

Company
Established in 1971, Euromed is headquartered in Barcelona and provides standardised herbal extracts and natural active substances for the pharmaceutical, dietary supplement and cosmetic industries.

People
The Riverside Company – Karsten Langer, Rafael Álvarez-Novoa (partners); Damien Gaudin (principal); Michele Volpe (associate); Juan Rufilanchas (senior operating executive).
Euromed Botanicals – Javier Roig (CEO).

Advisers
Equity – Allen & Overy (legal); EY (financial due diligence; tax); Rothschild (corporate finance); Fidentiis (corporate finance).

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• Topics
• Exits
• Southern Europe
• Healthcare
• Spain
• Trade sale
• Riverside