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IK Investment Partners acquires majority of shares of Vemedia

Funds advised by IK Investment Partners are to acquire a majority of the shares in Vemedia Pharma, a supplier and distributor of over the counter medicines in the specialist areas of sleeping and calming products and vitamins.

The acquisition agreement was entered into with the three largest shareholders of Vemedia following a competitive auction process run by ING and Michel Dyens & Co. Bank Degroof was acting as adviser to IK.

The selling shareholders are Damier, controlled by Vemedia’s chief executive Yvan Vindevogel, Indufin Capital Partners (an investment company jointly owned by listed investment company Luxempart and investment company De Eik) and Leeward Ventures (controlled by private investors), who represent a total of 78.4 per cent of the shares of Vemedia.

Vindevogel will re-invest together with IK.

IK intends to launch a voluntary and conditional cash offer for the remaining securities, i.e. all shares (21.6 per cent) and warrants that it will not already own upon closing of the acquisition. The intended offer will be based on a price per share of EUR 2.80 and an equivalent price per warrant. The offer price is equal to the price paid by IK in the context of the acquisition.

Remko Hilhorst, partner at IK and adviser to the IK2007 Fund, says: “Vemedia’s strong track record in acquisitions, its market leading position in several OTC categories and its science based approach to navigating the regulatory landscape puts it in an ideal position to benefit from accelerating consolidation.”

Vindevogel says: “Over the last six years, we have developed leading positions in sleeping and calming medicines and in vitamins and grown the business significantly. We believe that with IK’s help we can continue to build those market positions in key EU markets, as well as adding to our product portfolio in new and existing markets.”
 

 

 

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