FRANCE - 3i sells interest in Groupe Vendôme to Johnson & Johnson

Once the acquisition is complete, Groupe Vendôme will become a wholly-owned subsidiary of Johnson & Johnson Consumer France, managed by a separate executive team.

Having completed a management buyout of Groupe Vendôme backed by 3i in 2002, Marcel Elias, CEO (and previously CFO of the company since 1967), welcomed the agreement, with it marking the culmination of a period of growth and value creation for Groupe Vendôme.

Groupe Vendôme’s brands include Le Petit Marseillais, a line of shower gels, soaps, bath and hair care products; Laboratories Vendôme, dermatological skincare products and Prim’Age, a baby toiletries brand. In particular, Le Petit Marseillais is a trusted family brand with a heritage spanning over 100 years.

Groupe Vendôme is based in the Dijon region of France and employs approximately 130 staff, primarily in sales and marketing functions. In May 2004, Groupe Vendôme sold its manufacturing activities to a specialised subcontractor. Subsequently, in March 2005, Vendôme acquired the Persavon brand to reinforce the organic growth of the company. At this time 3i took the opportunity to conduct a recapitalisation of the company, selling half of its interest to Groupe Vendôme management, who have been shareholders since the initial MBO.

After a successful four year partnership, 3i director Stephane Franchaud is extremely pleased that Groupe Vendôme is joining a world leading consumer group. The acquisition of Vendôme will enable Johnson & Johnson Consumer France to expand in the adult and baby skincare market in France, where Vendôme’s brands enjoy an exceptionally high profile with consumers.

Advisors to Groupe Vendome included Muriel Petit of BNPP (financial) and Bernard Jacquet of Jurifib (legal). Monique Sentilles-Dupont of Lovells advised 3i.

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