NEXTSTAGE takes majority stake in Domaine de Chezelles
Context
Financed via a direct equity injection of approximately 26 million euros, the leveraged buyout orchestrated by NextStage AM secures majority control of Domaine de Chezelles to support its transmission and digital transformation. Announced in September 2026, this strategic Management Buy-In (MBI) officially transitions the apitherapy specialist away from its historical generational ownership structure. The financial architecture of the transaction deploys capital specifically from the NextStage Evergreen vehicle and the Capital Entrepreneur funds. Under the newly configured capitalization table, incoming executive Karen Vernet assumes the role of President, taking over operational leadership from the outgoing family representative, Marie-Cécile Hernaez. Concurrently with the majority stake purchase by NextStage AM, Marie-Cécile Hernaez executed a strategic reinvestment to maintain a minority equity position alongside the new leadership, ensuring continuity of the brand's historical heritage. The strategic rationale driving NextStage AM centers on scaling the authentic heritage of the brand to capture market share within the rapidly expanding natural dietary supplements and functional foods sector. The newly injected institutional capital is explicitly earmarked to finance an aggressive omnichannel expansion strategy, aggressively pushing the commercial footprint beyond its historical direct sales network while significantly upgrading its digital infrastructure and scientific credibility. The integration roadmap relies on the extensive retail and digital transformation expertise of Karen Vernet, drawing on her previous executive tenure at the Printemps group and Ecotone.
Domaine de Chezelles, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (11.0x).
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Target
Founded in 1900 in Chezelles within the Berry region of France, Domaine de Chezelles develops, manufactures, and directly distributes natural apitherapy products and specialized dietary supplements. Built upon more than 125 years of generational beekeeping expertise, the French enterprise operates as a specialist in the extraction and valorization of hive products, specifically focusing on fresh royal jelly, propolis, pollen, and honey. The brand systematically integrates these active natural ingredients into a comprehensive product portfolio encompassing approximately fifty distinct references of natural dietary supplements targeting immunity, sleep, joint health, digestion, and memory support, alongside a dedicated range of apitherapy-based cosmetics. To distribute its natural health formulations, the domain relies heavily on a direct sales model, fostering close, long-term commercial relationships with a loyal customer base. The manufacturing model prioritizes rigorous raw material selection, complete traceability, and long-term partnerships with established producers to maintain artisanal quality standards in the preservation of living hive materials.
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REFERENCES
Revenue range: 25M - 50M 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: domaine de chezelles
Acquirer: nextstage