Milestone completes Cadum’s exit to L’OREAL

Milestone Capital Partners LLP (“Milestone”), the Anglo-French private equity firm, is pleased to announce that it has completed the sale of Cadum International SA (“Cadum”) to L’OREAL, the world’s largest beauty group, returning circa 6 times its original €17.5 investment made in 2007.

About Cadum

Cadum, the legendary oldest soap and baby product 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 personal care and hygiene segments and markets products such as baby products, shower gels, solid soaps and family hygiene products (

Under Milestone’s ownership, Cadum sales grew from EUR16m in 2007 to EUR58m in 2011 as a result of new product launches in shower gel, baby products and deodorants. Cadum is at the forefront of family personal care products in France.

Erick Rinner, Partner at Milestone commented:

“Cadum was the first investment of Milestone’s annual investment program back in 2007 and represents a typical Milestone investment. We acquired Cadum and IBA on the same day in September 2007 and backed the management to execute a well-defined business plan including recruiting a full sales force, developing new products and increasing marketing activities. I would like to thank Jean-Marie Total and his team with whom we have formed a successful partnership over the last five years. Their energy, enthusiasm and love for the brand have been at the heart of Cadum’s success.

Jacques Deret, non-executive Chairman of Cadum said: “it was a great experience to be part of the team with Milestone and Cadum’s management team to support and drive this fantastic brand to accomplish excellent results for the consumer, shareholders and employees. We wish all the best to L’OREAL to pursue the development of the brand across various categories.

About Milestone

Milestone is an independent private equity firm investing in buy-and-build situations, owned and controlled by its partners, which manages over €250m and invests mainly in the UK and France. Milestone seeks to identify and invest in experienced management teams with a strong track record. Working in close collaboration and partnership with these management teams, Milestone executives will deliver strategic business input and significant industry contacts, ensuring maximum business performance and strong long term shareholder returns.

This is Milestone’s second exit from its current portfolio (five companies) following its successful exit from Coffee Nation in 2011 (sold to Costa Coffee) that generated a return of 3.7x cost in under three years. Milestone has six investment professionals based in London, Paris and Brussels.

Milestone Capital Partners LLP is a limited liability partnership registered in England (registration number OC330235) and is authorised and regulated by the Financial Services Authority. It is also a member of the BVCA and AFIC. The information contained within is for informational purposes only and is not a solicitation or offer to invest within any fund offered or marketed by Milestone.


Milestone’s advisers:

  • JP Morgan (Camillo Greco, Edouard Debost)
  • Travers Smith (David Patient)
  • Constantin (Jean-Paul Séguret)
  • OCC (Laurent Billes-Garabedian

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