Abac exits PronoKal to Nestlé Health Science for EUR 100m

Abac sold PronoKal for around EUR 100m, a source familiar confirms. The GP first bought the company in 2017 in an MBO for EUR 50m. 

At the time, it had revenues of around EUR 42m and Spain accounted for half of sales. It closed 2021 with revenues of EUR 50m, reported Planta Doce. 

PronoKal operates mostly in southern Europe and sells meals and supplements based around the ketogenic diet: a high-fat, low-carbohydrate diet. 

Nestlé Health Science already operates in the weight loss market through its brands Optifast and Bodymed. 

The deal is expected to close in Q1 2022. 

Abac bought PronoKal through Abac Solutions I, which held a final close in May 2016 at EUR 320m. It is now fully deployed, according to Unquote Data.

The GP launched another buyout fund, Abac Sustainable II, in January 2020 with a target of EUR 350m. 

Both funds have the same investment strategy: majority acquisitions in Spanish medium-sized companies with enterprise values in excess of EUR 30m, investing equity tickets in the EUR 20m-50m range. 

Company
PronoKal provides weight loss services with a customer-centric proposition encompassing a medically supervised very-low-calorie ketogenic diet, physical training, nutritional and lifestyle coaching, and applied genomics.

Advisers
Abac Capital – William Blair (M&A); EY (contracts); KPMG (financial due diligence, legal, tax and labour due diligence). 

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• Topics
• Buyouts
• Southern Europe
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• Spain
• Trade sale