3I

3i Group plc (“3i”) today announces that Ponroy Santé Group (“Ponroy”), a leading European company in the natural consumer healthcare industry in which 3i invested in January 2017 together with co-investor Cathay Capital and management, is acquiring Pasquali Healthcare, a leading pharmaceutical company in Italy.

Founded in 1999 and headquartered in Florence, Pasquali Healthcare develops and commercialises OTC products in the Italian pharmacy market. Its portfolio of products includes medicated skincare and natural food supplements. Its main brand, Dermovitamina (c. 60% of total sales), is the leading and most innovative medicated skincare brand in Italy, offering a wide portfolio of products for all skin disorders and benefiting from strong brand awareness.

Pasquali Healthcare is an innovative and fast-growing company; it has enjoyed double-digit growth over the last 5 years and generated €23m of sales in 2018.

This is the third acquisition made by Ponroy with the support of 3i, after the acquisitions of Ersa (Aragan and Synactifs brands) in September 2017 and Densmore (Suveal Duo and Memoptic brands) in July 2018. Following these acquisitions, Ponroy is now the third largest player in the French food supplement pharmacy channel and aims to replicate its successful business model across Europe.

The acquisition of Pasquali Healthcare adds a new product line to Ponroy’s offering in the pharmacy channel and will significantly strengthen Ponroy’s presence in Italy, the largest market for food supplements in Europe, where the Group currently operates through a subsidiary distributing the Vitarmonyl and Biopha Nature brands. Pasquali Healthcare will bring its unique expertise in the Italian pharmacy channel, thanks to its nation-wide distribution through 7,000 pharmacies and several distributors and will continue growing in Italy but also abroad thanks to Ponroy’s international network and digital capabilities.

Costantino Pasquali will continue to be CEO of Pasquali Healthcare and will lead the development of Ponroy in the Italian pharmacy channel.

Philippe Charrier, President and CEO of Ponroy, commented:

“Costantino Pasquali is a first-class entrepreneur and we share the same values and principles. He has built a strong brand with Dermovitamina, which we want to transform into an international brand. Our product portfolios are highly complementary and the expertise of Pasquali Healthcare in the pharmacy channel will be key for both our development in Italy and internationally. We look forward to working with Costantino Pasquali and his team.”

Costantino Pasquali, CEO of Pasquali Healthcare, added:

“I am delighted to see Pasquali Healthcare joining forces with Ponroy to initiate a new phase of its development. We will accelerate the international expansion of the Dermovitamina brand thanks to Ponroy’s international network, while we will also benefit from new and exciting opportunities granted by the product offering of the combined group.”

Rémi Carnimolla, Partner and Managing Director, 3i France, and Guillaume Basquin, Director, 3i France commented:

“This is a strategic acquisition for Ponroy and fully in line with 3i’s buy-and-build strategy of helping its portfolio companies to expand internationally. After two value-creative acquisitions in France, Pasquali Healthcare will support the development of Ponroy in the attractive Italian market.”

The acquisition is expected to close in Q2 2019.

Deal team
3i: Rémi Carnimolla, Guillaume Basquin, Jérémy Nakache, Marc Ohayon
Ponroy: Philippe Charrier, Matthieu Mourette

Advisors to Ponroy 
M&A: Marco Termini
Legal: Legance (Francesco Florio, Flavia Carmina, Pietro La Placa)
Finance: PWC (Giovanni Tinuper, Stella Guarino) Strategy: Roland Berger (Patrick Biecheler, Pierre-Antoine Bodin, Eléonore Moreau)

Advisors to Pasquali Healthcare
M&A: Azimut Global Counseling (Giancarlo Maestrini, Massimo Polidori)
Legal: Gatti Pavesi Bianchi (Stefano Valerio, Amélie Gillet, Tommaso Carcaterra)

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