Alcedo exits Swisscare to Nahrin

Alessia Argentieri
20 May 2021

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Alcedo has sold Swisscare, an Italian cosmetics and food supplements business, to Nahrin, a Swiss company specialised in producing nutritional supplements.

The sale ends a five-year holding period for Alcedo, which acquired a 55% stake in Swisscare from its founders, Stelvio Andreis and Elvio Lonardi.

Under Alcedo's ownership, the company strengthened its business structure, expanded its sales network and added an online channel to boost its digital sales.

The GP invested in Swisscare via Alcedo IV, which closed on €195m in 2016. The vehicle has made 12 investments: nine platform deals and three add-ons.

Alcedo has recently launched a new fund, Alcedo V, targeting €215m. The vehicle invests in Italian companies with high-growth potential and an export-orientated approach. It focuses on medium-sized businesses based across northern and central Italy, and deploys equity tickets of around €15-20m.

Company
Established in 1990 and based in Villafranca di Verona, Swisscare specialises in the production and distribution of natural cosmetics and dietary supplements.

It sells its own products under the Swisscare brand and is also a distributor of the Nahrin brand, through a network of 9,000 sales representatives across Italy.

Swisscare generated EBITDA of around €5m from revenues of €26m in 2020, recording a 7% increase in turnover on 2019.

People
Alcedo – Franco Valvasori (partner); Sonia Lorenzet (senior adviser); Alessandro Zanet (investment manager).
Nahrin – Michel Justric (CEO).
Swisscare – Stelvio Andreis, Elvio Lonardi (founders).

Advisers
Vendor – Vitale & Co (corporate finance); NCTM (legal).
Acquirer – De Luca Advisory (corporate finance); CMS (legal).