LUCAS MEYER COSMETICS
Acquired by
INTERNATIONAL FLAVORS & FRAGRANCES (IFF)
LUCAS MEYER COSMETICS acquired by INTERNATIONAL FLAVORS & FRAGRANCES (IFF)
Target
LUCAS MEYER COSMETICS
Acquirer
INTERNATIONAL FLAVORS & FRAGRANCES (IFF)
Context
Unipex (owned by IK Investment Partners) sold its subsidiary Lucas Meyer Cosmetics to IFF. This "build-down" strategy allowed Unipex to monetize its most valuable asset. Following this sale, Unipex refocused solely on its distribution business in France/Benelux (which was later the subject of the 2019 transaction).
LUCAS MEYER COSMETICS, which reported an EBITDA margin of LOGIN in 2014, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.5x average currently observed in the Industry & Manufacturing sector.
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Target
Lucas Meyer Cosmetics was the proprietary business unit of the Unipex Group. Unlike the rest of the group (which did distribution), Lucas Meyer developed, manufactured, and marketed innovative active ingredients for the cosmetic industry. Based in Canada and France, the company held a portfolio of proprietary patented ingredients (peptides, natural actives) used by major beauty brands. In 2014, it generated approximately EUR40 million in revenue with very high profitability (~40% EBITDA margin).
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)
Other operations with LUCAS MEYER COSMETICS
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