backKing & Spalding advised Cathay Capital Private Equity on an agreement with 3i to sell Havea Group to BC Partners, which will take a majority stake via BC Partners XI. The valuation of the asset is between 1 and 1.1 billion euros.
The management team of Havea Group will reinvest part of its existing stake in this second LBO. The transaction is expected to close later this year after regulatory approvals from the French Competition Authority and foreign investment control.
Based in Loire-Atlantique, Havea Group (formerly Ponroy Santé), with a turnover of €212 million, is a European leader in natural health products (food supplements, cosmetics, medical devices, and baby products), with more than 800 employees across five brands: Aragan, Biolane, Densmore, Dermovitamina and Vitavea. The main distribution channels are pharmacies and direct sales (B2C).
Cathay Capital Private Equity is a Franco-Chinese investment fund that has raised 17 funds and made over 190 equity investments, particularly in the consumer products and services, education, healthcare, and advanced manufacturing sectors.
3i is a primarily private equity backed investment company specializing in private equity and infrastructure with a focus on the investment markets of Northern Europe and North America.
BC Partners is a leading alternative investment manager specializing in private equity, credit, and real estate with extensive networks in Europe and North America. BC's buyout arm has raised 11 funds consecutively, totaling over €30 billion of committed capital, and has made over 124 private equity investments.