London, 12th March 2021: Charterhouse Capital Partners LLP (“Charterhouse”), one of the longest established private equity firms operating in Europe, announces today that it has entered into exclusive negotiations for the sale of a majority stake in Cooper Consumer Health (“Cooper” or “the Company”), a leading European independent over-the-counter (“OTC”) drug manufacturer and distributor, to CVC Fund VII. The transaction is subject to workers’ council information and consultation and to the approval of relevant regulatory authorities.
Cooper, which is headquartered in Paris, was acquired by Charterhouse in 2016 and since that time has been transformed from a local French champion into a pan-European pure-play OTC platform that manufactures and distributes a diversified portfolio of branded and basic products on an international basis. Under Charterhouse’s ownership, the company has more than doubled in size through a combination of organic growth initiatives and targeted M&A activity to consolidate the sector and revenues are now close to €500M. This included the strategic acquisition and integration of international consumer health company Vemedia, a large OTC branded product portfolio from Sanofi, alongside nine other successfully integrated add-ons to add further complementary brands.
Cooper’s large, international platform has a direct presence in seven European markets and over 30 export markets. It has a wide-ranging and complementary portfolio of branded products, including OTC medicines, dietary supplements and medical devices, positioning Cooper as a “one stop shop” for its customers, which include pharmacies, wholesalers and drugstores. The Company is well-placed for further international expansion and organic growth.
As part of the transaction, Charterhouse would make a significant reinvestment in Cooper and continue to support the growth and international expansion of the business alongside CVC, which has partnered with Vemedia founder Yvan Vindevogel and specialised healthcare fund Avista Capital Partners, and the management team.
Vincent Pautet, Partner at Charterhouse, said: “This is another milestone investment for Charterhouse, which once again demonstrates its expertise in transforming strong local businesses into truly European leaders. It has been a pleasure working with Cooper’s world-class management team to create the leading independent OTC platform in Europe. The Company has built an excellent position in a growing, highly attractive market and we look forward to continuing to support its expansion.”
Michael Lavrysen and Victor Blanchard, Senior Managing Directors at CVC Capital Partners, added: “Having admired and closely followed Cooper’s progress for many years, we are delighted to now have the opportunity to team up with its strong management team, as well as our new partners Charterhouse, Avista Capital Partners and Yvan Vindevogel. Their knowledge of the Company and experience the sector will be invaluable in realising our shared vision for the development and long-term growth of the business.”
Yvan Vindevogel, CEO of Damier, added: “I’ve been working together with CVC in the Consumer Healthcare space, as well as with Charterhouse and Avista Capital Partners, for quite a while now. This new enlarged team will be able to create a true Consumer Health powerhouse and accelerate the already impressive growth of the Company.”
About Charterhouse Capital Partners LLP
Charterhouse is one of the longest established private equity firms operating in Europe. The firm connects expertise and capital, collaborating with ambitious management teams to drive transformational change.
Charterhouse has a selective, conviction-led approach to investing in high-quality mid-market European companies across the Services, Healthcare, Specialised Industrials and Consumer sectors. It targets transactions with an enterprise value of between €75m and €1.5bn.
Charterhouse’s international team works in an integrated and flexible manner, without internal silos, from one main office in London. This allows the firm to work in true partnership with founders, families and management and combine the skills, knowledge and experience of its entire team to help build successful businesses over the long term.
The firm has completed more than 150 acquisitions over 35 years of activity in the European buyout market.
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices throughout Europe, Asia and the US.
To date, CVC has secured commitments in excess of US$160 billion from some of the world’s leading institutional investors across its private equity and credit strategies.
In total, CVC currently manages approximately US$118 billion of assets. Today, funds managed or advised by CVC are invested in over 90 companies worldwide in numerous countries.
Together, these companies have combined annual sales of approximately US$100 billion. For further information about CVC please visit: www.cvc.com.
About Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $6 billion invested in more than 35 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices and technologies, pharmaceuticals, outsourced pharmaceutical services, healthcare technology, healthcare distribution, and consumer-driven healthcare sectors. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For more information, visit www.avistacap.com.
For Charterhouse Capital Partners
+44 (0)207 952 2000
For CVC Capital Partners
Vice President Communications
+44 (0)20 7420 4200
For Avista Capital Partners