BD-Capital makes debut investment in Symprove

Founder Barry Smith will remain on the board of Symprove, Mike Butler will continue as CEO, and David Johnston, operating partner at BD, will become chairman.

BD announced its debut fund in July 2019 with a target of €400m. The fund will look for 8-10 European mid-market companies, writing equity tickets of €25-150m, but €50m on average.

BD was founded by Richard Baker, former FTSE CEO and chairman, and Andy Dawson, former Advent International investment partner. Since launching in June 2019, the team has grown to 17 people, six of whom are former CEOs.

The supplements sector has seen interest from private equity in 2020. In March, Elements Capital Partners and York Capital Management acquired Famar; in April, Butterfly Ventures invested in Powder; and in May, Abénex Capital acquired a majority stake in Prevost Laboratory Concept.

Company
Symprove was founded in 2010 in Farnham. The company produces a liquid supplement containing live, active multi-strain bacteria for human use and medical purposes.

People
BD-Capital – Richard Baker (managing partner).
Symprove – Barry Smith (founder).

Advisers
Equity – PwC (financial due diligence); Weil Gotshal & Manges (legal); Marsh (insurance due diligence); Ropes & Gray (legal).
Company – Spayne Lindsay & Co (corporate finance); Goodwin (legal).

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• Buyouts
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• PwC
• Weil Gotshal & Manges
• Ropes & Gray
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