mynth
11/2016

HAVEA acquired by 3I & CATHAY CAPITAL

FRANCE Consumer Products / Personal & Household / Hygiene & Beauty Brands EV 300M - 700M EUR

Context

3i Group, a London‑listed private equity firm, agreed to invest EUR 150 million in Ponroy Santé (now Havea) to acquire a controlling stake in the French natural‑consumer‑health platform, with Cathay Capital Partners taking a minority co‑investment alongside. The transaction is structured as a leveraged buy‑out in which 3i becomes the majority shareholder while the founding shareholder Arnaud Ponroy and CEO Fabrice Cahierc maintain meaningful equity stakes, preserving continuity of management and entrepreneurial alignment. Under the deal, Philippe Charrier joins as Executive Chairman and minority shareholder, bringing international healthcare and consumer‑goods experience from prior leadership roles at Oenobiol, Labco, and Procter & Gamble France. The EUR 150 million commitment is intended to accelerate both organic and external growth, including the pursuit of bolt‑on acquisitions in the fragmented natural‑health and consumer‑healthcare space, with a strategic focus on consolidating mid‑tier brands and expanding distribution density in priority markets.

HAVEA, which reported an EBITDA margin of in 2016, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.0x).

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Target

Havea is a French consumer‑health company focused on natural health and wellness products, including dietary supplements, cosmetics, baby care, and certain medical devices. Based in Boufféré, Loire‑Atlantique, and with roots going back to the former Ponroy Santé, the group has grown into a leading national player in the natural‑health space, driven by a portfolio of five core brands: Aragan, Biolane, Densmore, Dermovitamina, and Vitavea. The company operates a diversified multi‑channel model, with a strong presence in pharmacy networks and direct‑to‑consumer channels, leveraging both traditional retail and digital touchpoints to reach end‑consumers. Over the 2017–2021 period, Havea more than doubled its revenue to about EUR 212 million, combining high‑teens organic growth with a disciplined bolt‑on M&A strategy that added Laboratoires Laudavie and IXX Pharma, among others, to its platform.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2016
2015

Other operations with HAVEA

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
06/2022BC PARTNERSHAVEAFRANCEHygiene & Beauty Brands

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 100M - 200M EUR

EBITDA range: 10M - 30M EUR

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: havea

Acquirer: 3i / cathay capital