News

Vision Healthcare to acquire Germany’s Vitamaze

30 November 2021 - Deborah Wilkes

   - Vision Healthcare to acquire Germany’s Vitamaze

   - Vitamaze adds to Vision's e-commerce presence

   - Vision will benefit from Vitamaze’s Amazon and e-pharma expertise

   - Vitamaze’s customer base mainly in Germany, Italy, Spain and France

   - Fifth acquisition announced by Vision in 12 months

Vision Healthcare is boosting its e-commerce presence by acquiring German vitamins, minerals and supplements (VMS) specialist Vitamaze for an undisclosed sum.

The deal is in line with Vision’s strategy of building its “health-tech platform for direct-to-consumer VMS, beauty and personal care products in Europe”.

Vitamaze is the fifth acquisition to be announced by Vision in the past 12 months, following Spain’s N2 Natural Nutrition in July, Norway’s Nutriment in June, Slovenia’s Sensilab in April, and Norway’s Naturamed Pharma in December 2021.

Vision said Vitamaze was set to achieve sales of EUR22 million (USD25 million) in 2021 and was “demonstrating sound levels of profitability”.

Founded in 2015, Vitamaze distributes VMS products in Europe, predominantly through Amazon and German e-pharma channels. The company’s customer base is mainly in Germany, Italy, Spain and France.

Vision said its VMS and digital expertise would provide Vitamaze with the “optimal conditions to launch its next growth wave”.

Amazon and e-pharma expertise

Meanwhile, Vision would benefit from Vitamaze’s Amazon and e-pharma expertise.

Geert Cools, Vision’s chief executive officer, said his company was “very excited to strengthen its Amazon and e-pharma capabilities through the acquisition of Vitamaze”.

“This will allow us to further consolidate Vision Healthcare’s position as a leading direct-to-consumer VMS player, not only in Germany but also in the fast-growing Southern European markets,” added Cools.

Yvan Vindevogel, chairman of Vision’s Executive Committee, commented that 2021 had been an impressive year for Vision in terms of its buy-and-build strategy, with the acquisitions of N2 Natural Nutrition, Nutriment, Sensilab and Naturamed.

Vitamaze’s founder and chief executive officer Andreas Dittmar said there had already been “interesting discussions” on Vitamaze’s next growth opportunities.

Rapid expansion through acquisitions

Founded in 2017, Vision has expanded rapidly through a combination of a buy-and-build strategy and organic growth (click here to read about Vision’s acquisitions on the OTCToolbox Transactions Database).

In April 2021, Vision announced its largest deal to date, the acquisition of Slovenia’s Sensilab (click here to read the News story).

Acquiring Sensilab, which recorded sales of EUR44 million in 2020, took Vision’s annual sales above EUR200 million.

Based in Belgium, Vision’s products are available in several countries and regions including Austria, Belgium, France, Germany, Hungary, Italy, the Netherlands, the Nordic region, Poland, Portugal, Russia, Slovenia, Spain, Switzerland and the UK.

Vision says it takes an “omnichannel” approach with a “specific focus on the emerging digitalised and direct-to-consumer channels”. It adds that it connects with end consumers through a range of channels including direct e-commerce, online marketplaces such as Amazon and Alibaba, social media and influencers, e-pharma, mail order, catalogues, home parties, teleshopping and retail.

The company houses the Bärbel Drexel, Cute Nutrition, Flinndal, Medivital, Mylene, N2 Natural Nutrition, Naturamed, Nutriment, Purasana, Remark, Sensilab and VitaminExpress businesses acquired over the past few years, as well as three brands acquired from Belgian firm Qualiphar in 2018.

In 2020, Avista Capital Partners took a stake in Vision in a deal valuing the company at EUR305 million. The private-equity firm said it was ready to make further investments to support the company’s growth plans (click here to read the News story).

Press release: Vision Healthcare Acquires Vitamaze

Cooper Consumer Health has expanded its dietary supplements offering by acquiring French nutricosmetics firm Lashilé Beauty. The deal comes as Paris, France-based Cooper announces a change of leadership and finalizes its takeover by new private-equity owners.

Press article: HBW insight OTC Toolbox

Damier NV has acquired 100% of the shares of Dr. Organic (previously owned by The Bountiful Company), a pioneer in the
natural/organic personal care sector, from the current owners KKR & Co and The Carlyle Group.
 

Press release: Damier Acquires Dr. Organic

Vision Healthcare announces the acquisition of N2 Natural Nutrition, a Spanish vitamins, minerals and food supplements (“VMS”) e-commerce player, predominantly active on Amazon marketplaces in Southern Europe and the strengthening of its senior leadership with the arrival of Geert Cools as Chief Executive Officer and Joost Hunfeld as Chief Growth Officer

Press article: De Tijd 

Press release: Vision Healthcare acquires N2 and strengthens senior management

Vision Healthcare announces the acquisition of Nutriment AS, one of the largest Nordic direct-toconsumer vitamin & nutritional supplement players, offering mainly subscription-based qualitative health products

Press article: De Tijd

Vision Healthcare announces the acquisition of Sensilab, an Eastern European vitamins, minerals and food supplements (“VMS”) e-commerce player, excelling in social media marketing and with a retail presence through specialized shops and wholesalers

Relevant news links:

https://www.otctoolbox.com/industry-news/vision-healthcare-to-acquire-slovenias-sensilab

https://hbw.pharmaintelligence.informa.com/RS151214/Vision-Healthcare-Expands-E-Commerce-Reach-In-EU-With-Sensilab

Press release: Vision Healthcare Sensilab announcement 

Press article: Crunchbase

Press release

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Vision Healthcare has boosted its presence in the direct-to-consumer vitamins, minerals
and supplements (VMS) market by acquiring Norwegian firm Naturamed Pharma

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Cooper Consumer Health - formerly Alpha HealthGroup - said it had gained a portfolio of "high profile brands" and strengthened its position in Europe's OTC market with the acquisition of France's Tradiphar.

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https://maawards.be/nominees/

Brief description deal / Deal outline:
Avista Capital Partners – through Vision Consumer Health BV, i.e. a newly incorporated company in which VHC Investco, the management and funds managed by Avista Capital Partners participate – acquired a 50% stake in Vision Healthcare Group.

Vision Healthcare is an ambitious and fast growing, pan European Direct-to-Consumer healthcare company with a large portfolio of self-care brands and OTC products, and is actively pursuing a buy-and-build strategy, with the ambition to be a consolidator in the fragmented European landscape. In order to support this growth strategy, the New York-based private equity Avista Capital Partners entered the share capital to create a 50/50 structure alongside founder and serial-entrepreneur Yvan Vindevogel and a select group of Flemish investors. At the same moment, an attractive debt package was put in place with a US debt fund creating further firepower for the company’s growth plans.

Deal rationale:
Founded only in December 2017, the initial Vision Healthcare (“VHC”) shareholders have successfully completed the first growth wave of the company by closing an impressive track record of 10+ acquisitions and by strengthening its integration capabilities with the creation of a “digital hub”, which provides the shared digital infrastructure for the group.

Vision Healthcare operates in a rapidly growing market which currently is very fragmented and where besides itself there are no natural leaders. In order to support the second growth wave to further consolidate its position in the D2C online consumer healthcare market and grow further in Europe and other geographies, Vision Healthcare initiated a search for a new partner willing to join on a 50/50 co-control basis to complete its strategy.

Besides finding a strong financial partner to reinforce Vision Healthcare’s shareholding, the ambition of Yvan Vindevogel and other shareholders was to find a new partner with more (global) healthcare industry expertise to assist in the company’s M&A ambitions beyond Europe and to advise on the further consolidation on Vision Healthcare’s digital and e-commerce capabilities in order to become a global digital platform in the consumer healthcare sector.

What is the impact of this deal for the company?
With this deal, Vision Healthcare shareholders have prepared the company for the launch of a new growth path which would not have been possible to achieve on a stand-alone basis. The execution of the company’s ambition to further consolidate its current market position, to expand to new countries in Europe and beyond, to further widen its product offering to OTC products and to further consolidate its digital and integration capabilities in the digital hub has become much more certain with the completion of the transaction.

What is the impact of this deal for the direct stakeholders?
With this transaction, the company stakeholders have received confirmation from the markets on the mission and strategy the company pursues. Together with Avista Capital Partners, the company shareholders have lowered the risk and increased the chances of success in further executing the company’s strategy. As a result of the transaction, the dedicated persons at the level of Avista will become an integral part of the team, providing strategic insight and operational oversight with a view to help drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders.  

What is the impact of this deal on society?
Vision Healthcare provides high-quality nutraceuticals, beauty & personal care and OTC products which allows people to further improve and support their active and health-conscious lifestyles with peace of mind (vs. a substantial part of nutraceutical and healthcare start-ups where product quality is not in line with market standards and regulation not strictly followed).

In the consumer healthcare sector, a paradigm shift of preventive health solutions and direct-to-consumer experiences is happening fast (which has only been accelerated by the changes, complexities and opportunities the COVID-19 pandemic crisis has brought along).

The transaction structure has also been devised such that a strong local anchorage of the business can be ascertained with a wide group of local blue chip investors.

Why does this deal deserve a nomination?
Vision Healthcare is one of those Belgian growth stories that show the strengths of real entrepreneurship and vision. Under the leadership of Yvan Vindevogel, this company has been able to raise worldwide interest for its journey to seize the opportunity of the paradigm shift in the consumer healthcare industry, which is progressively moving away from a “retail only” to a “digital and online” approach. Furthermore, Vision Healthcare was able to attract with Avista a global leader in the healthcare PE space (with over $6bn invested in more than 35 growth-oriented healthcare businesses globally) which will allow the company to pursue and accelerate its ambitious goals. At the same time, the financial backers of the first hour all reinvested significantly in this transaction and together with Baltisse secured through VHC Investco the Belgian anchorage of the company. The a-typical 50/50 transaction structure allows as well for a bespoke and very solid governance position where Yvan Vindevogel with the original Vision Healthcare shareholders retain a veto on a very important set of topics. 

After a careful selection of a long list of potential financial partners based on fit & know-how, Avista Capital Partners was granted exclusivity in April 2020 based on offer economics, strategic fit and financial commitment to support Vision Healthcare’s buy-and-build strategy. 

Negotiations were conducted in full Covid-19 and have led to the successful completion, demonstrating the quality of the file and the continued interest and dedication of all parties to reach a deal. With this transaction, Vision Healthcare awakens with additional financial firepower and with deep industry expertise from Avista Capital Partners to confirm its positioning as a leading European direct-to-consumer and online consumer healthcare platform in a fairly new and rapidly growing market which currently is still very fragmented, ready for its second growth wave, i.e. ready to conquer additional market share in existing markets, enter new markets in Europe and beyond, increase its product portfolio (particularly in OTC) and bring its integration and digital capabilities to the next level.

Private-equity firm Avista Capital Partners is buying a stake in Vision Healthcare NV in a deal that values the direct-to-consumer health-care products company at around €305 million ($336 million) 

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Vision Consumer Health, a company backed by VHC Investco (partly backed by Damier Group), the company’s management and funds managed by Avista Capital Partners, acquires 100% of the shares of Vision Healthcare NV

Avista Capital Partners, a leading healthcare private equity firm, along with VHC Investco and company management, today announced the acquisition of Vision Healthcare NV

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Damier NV, the investment vehicle of Yvan Vindevogel, and Charterhouse Capital Partners LLP today announce that Cooper-Vemedia (“the Company”), a leading European OTC drug manufacturer and distributor, has acquired a portfolio of 12 pharmaceutical brands from Sanofi S.A. (“Sanofi”) for an amount of €158m.

De farma-ondernemer Yvan Vindevogel zet vol in op de verkoop van voedingssupplementen en gezondheidsproducten via het internet. ‘We zijn daarin een voorloper en willen snel naar een grotere schaal.’

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In order to ensure a consistent market approach, the Damier Group has created a new subsidiary, Vision Healthcare, as a strong and future-oriented vehicle carrying all its self-care and health related brands and companies. 

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The Damier group reached an agreement with the founder of Remark B.V., Jan Wouda, for the acquisition of 100% of the shares in Remark B.V., one of the key players in the Dutch Consumer Healthcare & Cosmetics market.

Damier Group announces the acquisition of Purasana, the Belgian market leader in branded and high quality healthy foods, food supplements and organic products.

Damier Group announces the acquisition of Bärbel Drexel, a German market leader in the mailorder and e-commerce branded direct-to-consumer market of vitamins and nutritional supplements.

The Damier Group NV and Launchpad Digital Health LLC have reached an agreement for Damier to invest a considerable amount in the San Francisco based investor in early-stage digital health companies and start-ups. This investment further strengthens Damier’s position within the consumer healthcare market and will allow Damier to further adapt its strategy and portfolio companies to current trends and technologies, both off- and online at an early stage.

One of the world’s most luxurious cruise liners, a crew of 1,400 for 4,000 passengers, 7 stages hosted by some of the best known and highly regarded clubs and party-concepts on the planet, over 50 DJs from a variety of electronic music genres and first-class entertainment. Those are the ingredients for ‘THE ARK’, a 4-day party cruise that will make its maiden voyage on August 31, from Barcelona. The Belgian organisers have created the concept to appeal to an international crowd looking for a mini-vacation with the luxury and comfort of a cruise liner, combined with the finest in electronic music.

Simultanuously, the sale of the Vision Healthcare brands (including the suncare product Vision) to Vemedia Consumer Health was also completed.
Damier has reinvested a substantial amount in Alpha Topco, the combined group consisting of Cooper and Vemedia.

About Damier: Damier as an investment vehicle will continue to primarily invest in European companies and assets active in branded consumer healthcare sector. Damier also focuses on acquiring or investing in well-established brands or innovative technologies in the consumer healthcare, beauty, personal care and medical devices sectors. With Flinndal, its leading VMS (VitaminsMineralsSupplements) E- commerce platform in the Netherlands, Damier also invested in the E-commerce business and intends to reinforce its position in this area going forward.

Vemedia Consumer Health is set to be acquired by private-equity firm Charterhouse Capital Partners in a deal worth EUR375 million. The acquisition will expand Charterhouse’s presence in Europe’s consumer healthcare market, which it entered last year when it snapped up French OTC player Laboratoire Cooper.
“The combination of Vemedia and Cooper will create a European market leader in the OTC drugs sector,” commented Charterhouse. “The two businesses are highly complementary, and will be well positioned to lead the further consolidation of the European OTC medicines industry.” Under the terms of the deal, ownership of Vemedia with pass from IK Investment Partners to Alpha Topco, a subsidiary of Charterhouse. Damier Group – a minority investor in Vemedia – has promised to invest a “substantial amount” in Alpha Topco to support the growth of the business. Yvan Vindevogel, Vemedia’s chairman and Damier’s chief executive officer, said he was “convinced” that Charterhouse was “the right partner” to further execute Vemedia’s strategic plans through “internal, geographical and external growth”.

“Netherlands-based Vemedia Consumer Health is set to be acquired for EUR375 million (US$416 million) by Alpha Topco – which is majority-owned by private-equity firm Charterhouse Capital Partners – and Vemedia’s management. Following completion of the deal, Vemedia will work closely with French OTC company Laboratoire Cooper, which was recently acquired by Charterhouse.”

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Damier buys e-commerce VMS firm Flinndal: “Damier Group has acquired Flinndal – the e-commerce vitamins, minerals and supplements (VMS) business based in the Netherlands – for an undisclosed sum. Chief executive officer Yvan Vindevogel said Damier wanted to build Flinndal into a pan-European e-commerce VMS platform.”

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Flindal, the Dutch and Belgian leader in the online branded business-to-consumer market of vitamins and nutritional supplements.

The business newsletter for the consumer healthcare industry. “Damier makes major move with Dutch portfolio deal.”

An investment vehicle founded by consumer healthcare entrepreneur Yvan Vindevogel is on the lookout for well-established brands and innovative technologies, as it seeks to build a significant presence in Europe. Damier Group is also seeking distributors in key countries.

The Damier Group, through its subsidiary Vision Healthcare, acquires Takeda’s Consumer Healthcare products in the Netherlands. 

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The Damier Group, through its subsidiary Euphaco, participates in the acquisition of ABC Chemicals from the Vemedia group.