{"id":560,"date":"2007-09-19T09:46:11","date_gmt":"2007-09-19T07:46:11","guid":{"rendered":"https:\/\/milestone-investisseurs.com\/milestone-capital-acquires-cadum-sa-and-iba-sa-in-france\/"},"modified":"2007-09-19T09:46:11","modified_gmt":"2007-09-19T07:46:11","slug":"milestone-capital-acquires-cadum-sa-and-iba-sa-in-france","status":"publish","type":"post","link":"https:\/\/milestone-investisseurs.com\/en\/milestone-capital-acquires-cadum-sa-and-iba-sa-in-france\/","title":{"rendered":"Milestone Capital acquires Cadum SA and Iba SA in France"},"content":{"rendered":"

Milestone Capital Partners Limited (\u201cMilestone\u201d) has successfully completed the secondary management buy-out of Cadum SA, a leading distributor of hygiene\/beauty products from CDC\/CIC and, at the same time, the acquisition of Iba SA, a leading distributor of air care products from its founder.<\/p>\n

Milestone led and provided the equity funding for both transactions, while BNP Paribas and CIC Est provided the senior debt facilities, and Paris Orl\u00e9ans (Rothschild Group) arranged the mezzanine debt.<\/p>\n

About CADUM<\/strong><\/h3>\n

Cadum, the oldest soap brand in France, was created in France in 1907, and launched its first soap in 1912. Today, the group is a leading player in the French soap and hygiene markets, owns three brands (Cadum, Cleopatra, Donge) and markets products such as solid soaps, liquid soaps, family hygiene products, adult<\/p>\n

shower products and hygiene baby products.<\/p>\n

Cadum\u2019s management team, led by Jean-Marie Total and Gilles Nouailhetas have developed a very efficient business model since joining the company in 2003, outsourcing both the manufacturing and the distribution functions, allowing them to fully focus on marketing, R&D and strategy.<\/p>\n

About IBA\u00a0<\/strong><\/h3>\n

Iba, founded in Paris in 1990, is a leading provider of air care products. The company grew rapidly in France during the 1990\u2019s, established 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,<\/p>\n

perfumes for the car and perfume-free products for multi-usage in the home. Like Cadum, Iba has a very efficient business model, having outsourced all production since inception.<\/p>\n

The combined group employs 55 people and is expected to generate revenues of circa \u20ac65 million in 2007. The plan is to integrate the two businesses utilising Cadum management\u2019s marketing expertise and leveraging Iba\u2019s distribution in France, the UK and Spain. The new group will represent a larger player for its key customers in the shower gel baby hygiene segments, as well as in the developing air care market. Further growth through bolt-on acquisitions will also be considered and management already has some targets in mind.<\/p>\n

Erick Rinner, Managing Partner at Milestone commented: \u201cCadum is a fantastic brand in France and the combination of Cadum and Iba provides strong cash flows in established market segments with significant growth opportunities in France, the UK and Spain. We are delighted to back a successful management team that has already demonstrated a rare ability to successfully reposition famous, but neglected brands.\u201d<\/p>\n

After having completed five successful exits in the UK and in France and returned more than \u20ac330 million to investors, Cadum is Milestone\u2019s first investment in 2007. Erick Rinner concluded: \u201cCadum illustrates superbly Milestone\u2019s buy-and-build approach to Anglo-French transactions with an international strategy.\u201d<\/p>\n

CADUM\/IBA DEAL TEAM:<\/p>\n

Milestone:<\/p>\n