Pitch PE Growth Deal M&A Awards Belgium 2019: Ardian – Inula

Name of the deal:       Ardian Acquires Inula From Vendis Capital. 
Date closed:                3rd of October 2018
Published value:         €600 million    
Buyer:                          Ardian
Target:                         Inula    
Seller:                          Vendis Capital    
M&A Database:          https://mena.nl/deal/11657 

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Advisors seller: 

Legal:  Freshfields Bruckhaus Deringer 

Pitch

Brief description deal / Deal outline:
Ardian, a French private equity firm, has acquired a majority stake in Inula Group, a Belgian company active in the herbal remedies market, from Vendis Capital, (a Belgian private equity firm),  Dominique Baudoux (Founder & Chairman) and Sergio Calandri (CEO).

Deal rationale:
As part of this transaction, Sergio Calandri, CEO of Inula, will reinvest alongside Ardian. Vendis Capital and Pranarôm’s Founder, Dominique Baudoux, should also continue to support the Group.

What is the impact of this deal for the company?
With the new partnership of Ardian, Inula intends to further internationalize its business. The Belgian company wants to increase its presence in Europe, and it aims to this by entering new markets like Germany and the United Kingdom, and by expanding in markets where the company is already active. The United States is also amongst Inula CEO Calandri’s intended target markets: “We only have a limited presence there, while it is the world's largest market for aromatherapy. We can play an important role there," he says.

What is the impact of this deal for the direct stakeholders?
The selling shareholders will be able to profit from the divestment of their stake in the company. Vendis I, een investments fund that is specialized in consumer brands, has been the majority shareholders in Inula since 2011. 

What is the impact of this deal on the society?
Inula is the European market leader in natural medication. Among other things, it sells small bottles of natural oils to treat ailments such as muscle pain, skin problems, heavy legs and nausea. Given societal trends such as aging and rising health care costs, society benefits from a company like Inula that promotes self-care. Further growth of Inula is of social value, as well as the deal that promotes this growth. 

Why does this deal deserve a nomination?
Chairman Baudoux and CEO Calandri had already been nominated as Manager de l’Année. Inula was once a finalist for the Entreprise de l’Année prize. In both cases it wasn’t able to take home the main prize. An award would be the recognition for Inula's successful growth strategy and praise for Ardian's decision to invest in the company.

Comments Panel of judges
According to the Panel of Judges, Inula has shown great value creation over the long term. This has been possible in recent years due to a the good interaction between Vendis Capital and the management. Together the growth has been professionalized, the step to the United States has been made and a superior product has been developed. This process has been rewarded with a nice exit for Vendis.