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ANJAC BEAUTY & HEALTH

Acquired by

KKR / KREFELD

FRANCE Life Sciences EV [1b EUR - 100b EUR] 10/2024

Target

ANJAC BEAUTY & HEALTH

Acquirer

KKR / KREFELD

Context

Anjac reorganized its capital by welcoming KKR and Krefeld as minority shareholders, following a competitive process led by Rothschild & Co. The EUR450M investment allowed the exit of historical partners Andera Partners, Bpifrance, and IDIA. The Anjac family maintains a strong majority. The transaction was coupled with an extension of the existing syndicated credit line to fund future acquisitions.

ANJAC BEAUTY & HEALTH, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 13.4x average currently observed in the Healthcare & Pharma sector.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Anjac is a leading high-end Corporate group specialized in the formulation, manufacturing, and packaging of cosmetics, food supplements, and medical devices. Operating as a CDMO for global beauty brands, the group has grown aggressively through 10 acquisitions in 8 years. It currently operates 15+ sites globally (France, Spain, Canada) and generates nearly 50% of its revenue in North America.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBITDA
EBIT
2024
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2023
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Other operations with ANJAC BEAUTY & HEALTH

DateAcquirerTargetCountrySectorDeal Context
11/2025ANJAC BEAUTY & HEALTHHEALTH CHAIN GROUP (HCG)SLOVENIACDMO

Anjac acquired a majority stake in HCG to accelerate its growth in the nutraceutical space. This is the 17th company to join the Anjac ecosystem. Beyond the acquisition cost, Anjac has committed to a EUR25M investment plan to expand the Velenje production site, aiming to triple its output within 12 months. The historical founders remain as operational partners.

11/2023ANJAC BEAUTY & HEALTHSTEPHIDFRANCECDMO

ANJAC acquired STEPHID to diversify its industrial portfolio into the high-growth luxury fragrance and "niche" perfumery segments. This marks the group's 10th acquisition in six years. The integration allows ANJAC to offer "complementary expertise" (skincare + fragrance) to its existing premium client base. STEPHID benefits from ANJAC's industrial scale to fund capacity expansion while retaining its artisanal identity and current governance.

01/2022ANJAC BEAUTY & HEALTHAPOLLO HEALTHCARE CORP.CANADACDMO

Anjac acquired a majority stake in Apollo Healthcare Corp marking its 8th acquisition in five years. The founders, the Wachsberg brothers, remain as co-CEOs and shareholders. This deal is the cornerstone of Anjac's North American expansion, following the 2019 acquisition of Cosmetix West. The merger allows Anjac to offer global industrial capacity and specific OTC technologies (like FDA-approved sun care) to its international brand customers.

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.