mynth
07/2021

NUTRAQ acquired by ORKLA

NORWAY Life Sciences / Nutrition & Dietary Supplements EV 3b - 100b NOK

Context

Orkla completed its acquisition of NutraQ to strategically enhance its presence in high-growth market segments, specifically the health category and the direct-to-consumer (D2C) channel. The transaction provides Orkla with a new, subscription-based business model, diversifying its traditional go-to-market strategies and offering exciting growth opportunities. Orkla's leadership expressed admiration for the target's successful use of subscription solutions to build a significant customer base with direct home delivery. The strategic plan involves continuing the development of NutraQ's established concepts while simultaneously exploring new possibilities for applying the D2C model across Orkla's broader portfolio. To preserve the target's unique competencies and entrepreneurial culture, NutraQ will continue to operate as a stand-alone entity within the Orkla Care business area, with its existing executive management team remaining in place. The deal represents a logical next step for NutraQ, transitioning it from private equity ownership under Impilo and Sana Pharma Holding to a long-term industrial owner poised to support its next phase of growth and expansion. The transaction received all necessary approvals from relevant competition authorities prior to its completion.

NUTRAQ, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

Target

NutraQ is a prominent supplier specializing in subscription-based health and wellness products, primarily serving the Nordic market. Established in Norway in 2002, the company has since expanded its operational footprint to include Denmark, Finland, Sweden, the Czech Republic, Slovakia, the Netherlands, and Poland. Despite this expansion, the four Nordic countries consistently constitute the vast majority of its turnover. The company's core business model is centered on a direct-to-consumer (D2C) approach, leveraging subscription services to deliver a range of health and wellness concepts directly to customers' homes. This model has proven successful, supporting significant organic growth in its customer base; in the period 2018-2020, the number of active subscriptions grew by an average of 13 percent per year. Headquartered in Oslo, Norway, NutraQ operates with a dedicated team of approximately 170 employees. The company's strategy focuses on building and maintaining strong customer relationships through its recurring revenue model and continuously developing attractive product offerings within the health and wellness space. Its well-established platform is designed to support further growth and geographic expansion.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (NOK)

Year
Rev
EBITDA
EBIT
2020
2019

Similar deals in Life Sciences

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
11/2021COLOPLASTATOS MEDICALSWEDENMedical Consumables
09/2021PERRIGO COMPANYHRA PHARMAFRANCEGenerics / Labs
07/2021PARTNERS GROUPPHARMATHENGREECECDMO
07/2021MONTAGU PRIVATE EQUITYINTECH MEDICALFRANCEImplants & Prosthetics
04/2021NAXICAP PARTNERSLAGARRIGUEFRANCEImplants & Prosthetics
04/2021DIASORINLUMINEX CORPORATIONUNITED STATESDiagnostic Equipment
03/2021CVCCOOPER-VEMEDIAFRANCEGenerics / Labs
02/2021IK PARTNERSInnovad GroupBELGIUMAnimal Health
02/2021SIPAREXWINNCAREFRANCEMedical Devices
01/2021SAGARDNUTRISENSFRANCENutrition & Dietary Supplements

REFERENCES

Valuation range: EV 3b - 100b NOK

Revenue range: 450M - 900M NOK

EBITDA range: 100M - 200M NOK

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NUTRAQ by ORKLA 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.

Press release: view release

Target: nutraq

Acquirer: orkla