Our investments


Date of realisation

April 2012

Invest date

September 2007

Consumer goods hygiene and cosmetics


Milestone simultaneously acquired Cadum SA, a leading distributor of hygiene and beauty products and Iba SA, a leading distributor of air care products.

Cadum, the oldest soap brand in France, was created in France in 1907, and launched its first soap bar in 1912. It became an iconic brand in France with ‘Bebe Cadum. Today, the group is a leading player in the French hygiene and personal care markets. It owns three brands (Cadum, Cleopatra and Donge) and markets its products including solid and liquid soaps, family hygiene products, adult shower gel products and baby hygiene products. Cadum’s management team, led by Jean-Marie Total, developed a very efficient business model when they joined the company in 2003, outsourcing both the manufacturing and the distribution functions, allowing them to fully focus on marketing, R&D and the overall group strategy.

Iba, founded in Paris in 1990, is a leading provider of air care products. The company has grown rapidly in France during the 90’s, establishing a UK subsidiary in 1998 and then a Spanish subsidiary in 1999. Iba markets fridge, dishwasher and bin deodorisers, ambiance perfumes for the home, anti-humidity and drying products. Like Cadum, Iba has a very efficient business model, having outsourced all production since inception.


  • Integrate the two businesses utilising Cadum management’s marketing expertise and leveraging Iba’s distribution in France, the UK and Spain. As of 30 September 2010, this has now been successfully achieved;
  • Increase the market share of the Cadum product range. As of 30 September 2010, Cadum has more than a 5% share of the shower gel market in France and is no. 2 in the market for baby care products; and
  • Recruit a 25 strong integrated sales force to control Cadum’s distribution channels. As of 30 September 2010, this has now been successfully achieved.

Visit Cadum.

Contact us

place Luxembourg

15 rue Edward Steichen
Luxembourg L-2540 - Luxembourg
Tel. +352 621 225 802

place Geneva

47 route des Acacias
1211 Geneva, 26 - Switzerland
Tel. +41 79 128 20 44

place Brussels

523 avenue Louise
1050 Brussels - Belgium
Tel. +32 497 38 31 45

place Paris

40 rue du Colisée
75008 Paris - France
Tel. +33 6 31 30 62 23