Argos Soditic exits Natural Santé

Alice Tchernookova
18 July 2017

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French GP Argos Soditic has sold UK-based food supplements specialist Natural SantУЉ to Spanish pharmaceutical company Cinfa.

The transaction is the third exit for Argos Soditic's Euroknights VI fund, closed on €400m in 2011. The GP is currently raising funds for Euroknights VII, with a target set at €550m and a €650m hard-cap. Argos Soditic expects a final close for Fund VII to occur imminently.

During the GP's holding period since 2013, Natural Santé's turnover grew from €32m to €46m. With the investor's backing, the company completed recruitments in sales, marketing and product development.

In 2014, Argos Soditic also backed the company's merger with Direct Plantes, specialised in the online sale and distribution of food supplements in France.

Founded in 1969 and headquartered in Huarte, Spain, Laboratorios Cinfa is a pharmaceutical company. With a current workforce of 1,000 and a turnover of around €350m, and a market coverage spanning 55 countries, Cinfa's acquisition of Natural Santé should allow it to continue to grow in the French market, the company said in a statement.

Previous funding
In 2013, Argos Soditic took a majority stake in Natural Santé through a buy-in management buyout, acquiring the company from founders Jean and Maryse Estienne. The management team invested alongside the GP and retained a minority stake.

Company
Founded around 1990, Natural Santé develops and distributes food supplements based on plants and components of natural origin, sold in pharmacies and specialist shops.

The company's head office, R&D team and logistics platform are based in Ashford, with other offices in Reignac, near Bordeaux. The group's brands notably include Santé Verte, with products such as Circulymphe, Acti'Rub and Somni'Phyt.

Natural Santé has a workforce of 150 people, and a turnover of €46m.

People
Argos Soditic – Karel Kroupa (partner); Raphaël Bazin (associate); Samuel Touboul (analyst).
Natural Santé – Philippe Hemeray (CEO).
Cinfa – Enrique Ordiered (CEO).

Advisers
Vendor – Rothschild, Pierpaolo Carpinelli, Philippe Dubois de Montreynaud (M&A); MWE, Grégoire Andrieux, Louis Leroy, Claire Barra (legal).
Buyer – Alantra, Guillermo Arbolí, Guido Siebiera, Oriane Durvye (M&A); KPMG (legal, tax, environmental & commercial due diligence).