LUCAS MEYER COSMETICS acquired by 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 [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Industry & Manufacturing sector (11.7x).
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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
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (EUR)
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2015 | UNIQUE FABRICATING | GREAT LAKES FOAM TECHNOLOGIES | UNITED STATES | Plastics |
| 07/2015 | ACTIVA CAPITAL | IMPRIMERIE LAULAN | FRANCE | Labels & Adhesives |
| 05/2015 | MULTI-COLOR CORPORATION (MCC) | BARAT | FRANCE | Labels & Adhesives |
| 05/2015 | INITIATIVE & FINANCE / ISATIS CAPITAL | PURE TRADE WORLDWIDE | FRANCE | Packaging & Containers |
| 04/2015 | IDEX CORPORATION | NOVOTEMA | ITALY | Plastics |
| 01/2015 | UI INVESTISSEMENT | GAULT & FRÉMONT | FRANCE | Paper & Cardboard |
| 01/2015 | SAGARD / SOCIETE GENERALE CAPITAL PARTENAIRES / EMZ PARTNERS | SAFIC-ALCAN | FRANCE | Specialty Chemicals |
| 11/2014 | IMERYS | S&B INDUSTRIAL MINERALS | GREECE | Construction Materials |
| 10/2014 | CVC | PAROC GROUP | FINLAND | Construction Materials |
| 07/2014 | MYERS INDUSTRIES | SCEPTER CORPORATION | CANADA | Plastics |
Other operations with INTERNATIONAL FLAVORS & FRAGRANCES (IFF)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2018 | INTERNATIONAL FLAVORS & FRAGRANCES (IFF) | FRUTAROM | ISRAEL | Ingredients |
REFERENCES
Valuation range: EV €300–700M
Revenue range: €25–50M
EBITDA range: €5–25M
EV/Revenue range: 4x - 10x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of LUCAS MEYER COSMETICS by INTERNATIONAL FLAVORS & FRAGRANCES (IFF) are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: lucas meyer cosmetics