Bridgepoint, TCR and ICG are selling their stakes in French perfumery group Nocibé to Charterhouse Capital for around €500m, a return of around three times the original amount invested. Xavier Dura, current CEO, and his management team, will invest alongside Charterhouse Capital and remain with the business after the completion of the transaction.
Bridgepoint acquired Nocibé in 2002 from its Dutch parent Kruidvat. The financing structure for the transaction included €132m of equity, senior debt arranged by BNP Paribas and mezzanine provided by ICG. Total funding made available to Nocibe, including funds for growth plans, was €342m.
The transaction represents Bridgepoint’s 12th major realisation this year and Bridgepoint has returned over €1bn to investors this year.
In March 2005, Nocibé acquired Euro Santé Beauté (ESB), funded by Bridgepoint, to diversify its activities, in particular in the parapharmacy market. ESB, founded by Luxembourg-based BOP in 1991, was the second largest parapharmacy chain in France with 23 stores, of which 20 are based in Paris and its suburbs. In 2004, ESB’s turnover was €36m.
Under Bridgepoint’s watch, Nocibé’s turnover has increased by 30% and the number of stores has risen from 285 to 359. By the end of 2005, turnover is expected to reach €460m.