Avista Capital Partners and VHC Investco acquire Vision Healthcare
Healthcare private equity firm Avista Capital Partners (Avista), along with VHC Investco and company management, has acquired Vision Healthcare NV (Vision).
Avista and VHC Investco/Management will each hold a 5o per cent ownership interest in Vision. The transaction values Vision at an aggregate value of EUR305 million (approximately USD336 million), inclusive of contingent payments. The transaction is subject to customary competition authority review and is expected to close later this year.
Vision Consumer Health is a Belgium-based consumer healthcare platform with sales and operations across continental Europe. Vision owns and markets a large branded portfolio of self-care and over-the-counter products. The company goes to market with an omni-channel approach, with a specific focus and expertise in the online and direct-to-consumer channels. Founded in 2017, Vision has grown rapidly since inception, through the combination of a successful buy-and-build strategy and strong organic growth in its direct-to-consumer businesses.
With Avista as the company’s new financial partner, Vision embarks on the next stage of its strategic journey. The partnership enables the company to realise further rapid growth and make additional investments which leverage its differentiated direct-to-consumer business model. This transaction and the combined expertise of both partners also allows Vision to grow geographically and expand its acquisition strategy into the global direct-to-consumer healthcare market. Avista and the other Vision shareholders are prepared to commit significant further capital to help Vision realise its growth ambitions.
Yvan Vindevogel, Founder and CEO of Vision Healthcare NV, says: “We are extremely proud to announce this partnership with Avista, and would especially like to welcome Thompson Dean (Co-CEO of Avista), with whom I had, as of the first meeting, a common understanding of where our business and the consumer healthcare sector is going. The paradigm shift of preventive health solutions and direct-to-consumer experiences is happening fast in our consumer healthcare space and has only been accelerated by the changes, complexities and opportunities Covid-19 has brought along. Vision is well positioned to take advantage of these dramatic changes, especially now, with the support of strong (financial) partners. We are looking to recruit the best people in technology, direct-to-consumer marketing and consumer products, in order to realise our ambitious vision.”
Vindevogel says: “Although Vision’s search for a new partner to support its strong ambitions received significant interest from institutional investors all over the world, it soon became clear that Avista was the natural partner for Vision. As a healthcare focused private equity fund, Avista combines the financial know-how and resources of a traditional private equity firm, with deep industry expertise given its healthcare focus and established investment history in the consumer healthcare sector. Avista’s presence in North America will also aid Vision Consumer Health to further grow our footprint and accelerate our plans to expand in the region through targeted acquisitions.”
Thompson Dean, Co-CEO of Avista Capital Partners, says: “We are excited to partner with Yvan Vindevogel and the Vision team. Avista will be a strong partner for Vision, providing operational guidance and financial resources, and leveraging our experience in the consumer healthcare sector to further propel the company towards its goal of becoming a leading omni-channel and direct-to-consumer healthcare company. We believe Vision is well-positioned in a growing consumer healthcare sector that has demonstrated resiliency in these unprecedented times. Avista stands ready to make further investments to support the company’s growth plans.”
Avista has historically made a series of investments in the consumer healthcare sector. Avista previously invested in Trimb Healthcare, a Northern European consumer healthcare company, which under Avista’s ownership executed a successful buy-and-build strategy to become one of the leading consumer healthcare companies in Northern Europe, prior to its acquisition by Karo Pharma. Avista is currently invested in Arcadia Consumer Healthcare, a fast-growing North American consumer healthcare platform and a recognised leader in over-the-counter medicines.