Milestone Capital acquires Cadum SA and Iba SA in France

Milestone Capital Partners Limited (“Milestone”) 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.

Milestone led and provided the equity funding for both transactions, while BNP Paribas and CIC Est provided the senior debt facilities, and Paris Orléans (Rothschild Group) arranged the mezzanine debt.


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

shower products and hygiene baby products.

Cadum’s 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.

About IBA 

Iba, founded in Paris in 1990, is a leading provider of air care products. The company grew rapidly in France during the 1990’s, 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,

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.

The combined group employs 55 people and is expected to generate revenues of circa €65 million in 2007. The plan is to integrate the two businesses utilising Cadum management’s marketing expertise and leveraging Iba’s 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.

Erick Rinner, Managing Partner at Milestone commented: “Cadum 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.”

After having completed five successful exits in the UK and in France and returned more than €330 million to investors, Cadum is Milestone’s first investment in 2007. Erick Rinner concluded: “Cadum illustrates superbly Milestone’s buy-and-build approach to Anglo-French transactions with an international strategy.”



  • Erick Rinner
  • Olivier Antomarchi
  • Jérôme Fournier Le Ray
  •  Paris Orléans (mezzanine):
  • Emmanuel Roth
  • Olivier Baron
  • BNP Paribas (senior debt):
  • Laurent Denizou
  • Benoit de La Gastine




  • Véronique Dutoit
  • Cotty Vivant:
  • Pierre-Arnaud Conchon
  • Arthur Dethomas
  • Travers Smith:
  • David Patient
  • Will Howard



Constantin (financial DD):

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