3i Group announced on Thursday that it, and its co-investor Cathay Capital, have entered into exclusive negotiations for the sale of its investment in Havea Group to funds advised by BC Partners, alongside Havea’s management team.
The company said the proceeds it receives would be at a 50% uplift to its 31 March valuation.
It described Havea as a “leading” European natural healthcare firm, with a consumer-patient-centric approach centred on five strategic brands – Aragan, Biolane, Densmore, Dermovitamina and Vitavea.
3i invested in Havea in 2017, and supported its “transformation” to become a leader in the sector and double in size, reaching €212m sales in 2021.
During the period, Havea delivered double-digit organic growth and completed five acquisitions in five years, “significantly reinforcing” its presence in Italy and Belgium.
In addition, the company simplified its brand portfolio by moving to a consumer-patient-centric approach, and implemented a “complete multichannel strategy” with the launch of direct-to-consumer subscription services.
“The thesis supporting our investment in Havea was to back the global megatrend towards more natural and sustainable healthcare products,” said 3i partner and managing director Rémi Carnimolla.
“Havea benefits from this thanks to its strong innovation culture and willingness to constantly improve and understand the consumer journey.
“Havea’s tremendous development was made possible by Nicolas and his team.”
At 1002 BST, shares in 3i Group were down 0.74% at 1,068.5p.
Reporting by Josh White at Sharecast.com.
