2021 Seale & Associates - Q1 - Seale & Associates
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Seale & Associates
Creative Solutions. Trusted Advice .
PERSONAL CARE
INDUSTRY
Q1
2021
VALUATION
UPDATE
INTRODUCTION
We are pleased to share our Personal Care Industry Valuation Update for Q1 2021.
At Seale & Associates we are committed to provide process-driven solutions designed
to optimize value and achieve our clients’ strategic objectives on a range of transactions
including Mergers, Acquisitions, Divestitures and Carve-Outs, Business Sales,
Recapitalizations, and Joint Ventures, among other corporate finance and strategy
consulting services.
Over the course of 20 years we have been successfully serving clients all over the
world, and we are delighted to provide investment banking advisory services to our
Personal Care clients that are looking to grow through acquisitions or optimize their
portfolio through strategic divestitures.
Sector Relevant Experience Team
Sergio Garcia
Seale & Associates acted as exclusive Managing Director
financial advisor to ConvaTec Group O: +52 (55) 8000 7463
on the divestiture of their Aloe Vesta M: +52 (55) 5454 3152
sgarcia@sealeassociates.com
and Sensi-Care specialty skincare
business to Medline Industries. The
divestiture is part of ConvaTec’s Carlos Hernandez
strategy to focus on its core Managing Director
O: +1 (571) 482 3431
businesses and markets. M: +1 (703) 795 4903
chernandez@sealeassociates.com
Read more on the following page.
Alejandro Montemayor
Vice President
O: +52 (55) 8000 7463
M: +52 (81) 1212 8004
amontemayor@sealeassociates.com
Sofia Felix
Head of Business Development
O: +52 (55) 8000 7463
M: +52 (55) 3489 1049
sfelix@sealeassociates.com
Washington, D.C. Mexico City Miami Monterrey
Personal Care Industry Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
Seale & Associates
Investment Banking Update
For more information, please contact:
Jim Seale
President
has sold jseale@sealeassociates.com
and Carlos Hernandez
Managing Director
to chernandez@sealeassociates.com
SEALE & ASSOCIATES ADVISES CONVATEC ON DIVESTITURE OF ITS SKIN CARE BUSINESS
AUG. 6, 2020 - Seale & Associates, Inc. announced that it acted as exclusive financial advisor to ConvaTec Group (LON: CTEC) on the
divestiture of their Aloe Vesta and Sensi-Care skin care business to Medline Industries, a private American healthcare company with
almost $14 billion in annual sales. The divestiture is part of ConvaTec’s strategy to focus on its core businesses and markets.
The sale includes the Aloe Vesta and Sensi-Care skin care business in both the U.S. and Canada (but excludes the Sensi-Care Sting Free
product line) and gives Medline global rights to market outside North America.
“Seale was instrumental in keeping the process moving in a swift, orderly fashion” said George Landau, Vice President, Corporate
Development at ConvaTec. “Their common sense and ability to find simple, common ground solutions while preserving our interests were
invaluable in bringing this project to a successful conclusion.”
“We are proud to have helped our client achieve a very successful outcome for this business” said Carlos Hernandez, Managing Director at
Seale & Associates. “This business is a terrific strategic fit for Medline, and the transaction allows ConvaTec to focus on its core business.”
ConvaTec Group Plc (LON: CTEC), headquartered in Reading, United Kingdom with annual revenues of almost $2 billion, is a global medical
products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in
advanced wound care, ostomy care, continence and critical care, and infusion care. Its products provide a range of clinical and economic
benefits, including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. ConvaTec has
over 9,400 employees and is present in over 110 countries.
Medline Industries Inc., headquartered in Northfield, Illinois, is a privately held manufacturer and distributor of medical supplies uniquely
positioned to provide products, education and support across the continuum of care. Medline Industries, Inc. stands as a fourth generation,
family-owned company offering over 550,000 medical products and clinical solutions to healthcare facilities around the world. The
company has over 26,000 employees and more than $13.9 billion in sales.
Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and
acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high
level of quality and integrity while presenting innovative ideas and solutions to address our clients’ most complex dealings. For more
information, please visit www.sealeassociates.com.
Personal Care Industry Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
COMPARABLE PUBLIC COMPANIES – GLOBAL
Annual Average First Quarter
Market Enterprise
Revenue EBITDA EV/EBITDA Mar. 31, 2021
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Amorepacific Corporation KOR $14,066 $13,533 $4,073 13.6% 15.1x 13.1x 25.4x 3.4x
Beiersdorf Aktiengesellschaft DEU $23,986 $22,142 $8,593 15.5% 16.6x 15.8x 16.3x 2.7x
Colgate-Palmolive Company USA $66,810 $74,457 $16,471 26.3% 15.3x 16.9x 16.5x 4.5x
Coty Inc. USA $6,909 $13,382 $4,163 3.8% 12.0x 18.2x 44.5x 3.2x
e.l.f. Beauty, Inc. USA $1,375 $1,491 $300 10.4% 19.4x 22.9x 42.4x 5.0x
The Estée Lauder Companies
USA $105,509 $108,072 $14,190 19.6% 20.3x 20.6x 29.6x NR
Inc.
Hengan International Group
CHN $7,775 $7,855 $3,427 32.0% 11.2x 11.1x 7.2x 2.3x
Company Limited
Herbalife Nutrition Ltd. USA $5,242 $6,867 $5,542 13.4% 10.1x 9.4x 8.6x 1.2x
Kao Corporation JPN $31,690 $31,041 $13,391 19.2% 14.2x 13.7x 12.8x 2.5x
Kimberly-Clark Corporation USA $47,000 $55,888 $19,140 22.5% 12.5x 12.8x 11.6x 2.9x
KOSÉ Corporation JPN $8,078 $7,539 $2,740 8.4% 15.6x 18.0x 35.1x 2.9x
LG Household & Health Care
KOR $23,330 $23,401 $7,208 17.8% 17.1x 16.4x 18.8x 3.4x
Ltd.
Natura &Co Holding S.A. BRA $11,715 $13,378 $7,110 6.6% 18.9x 33.2x 22.0x 2.0x
The Procter & Gamble Company USA $333,493 $353,896 $73,975 28.1% 17.0x 17.4x 17.0x 4.8x
Reckitt Benckiser Group plc GBR $63,830 $76,260 $19,105 24.9% 14.8x 15.2x 15.3x 4.0x
Shiseido Company, Limited JPN $26,807 $28,563 $8,923 8.9% 21.0x 22.8x 38.2x 3.4x
Ulta Beauty, Inc. USA $17,377 $18,228 $6,152 11.4% 14.1x 12.0x 16.8x 3.0x
Unilever PLC GBR $146,522 $175,137 $62,048 21.0% 11.9x 13.0x 12.6x 2.8x
NR: Not Relevant Mean 15.4x 16.8x 16.5x 3.2x
- - Excluded from mean and median Median 15.2x 16.1x 16.4x 3.0x
Personal Care Industry Sources: Capital IQ, S&P Market Intelligence
Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
PERSONAL CARE – Q1 GLOBAL TRANSACTIONS
Date Target Country Description Seller Buyer Additional Notes
Develops, produces, and Acquired a 57.1% stake for US$37.6 million.
Mar-21 Blossom M&C Co., Ltd. KOR Unknown buyer
exports makeup products EV/Revenue: 1.4x
Manufactures vitamins,
Mar-21 Bee Health Limited GBR -
minerals, and supplements
Produces and sells weight-
Mar-21 Grenade (UK) Ltd GBR loss and sports nutrition -
products
Manufactures health
Mar-21 Faith Springs, LLC USA Faith Springs, LLC -
supplements
Develops, markets, and sells
Coastal Rock Trading
Mar-21 USA nutritional supplements and Coastal Rock Trading LLC Acquired for US$1.0 million
LLC
health products
Manufactures cosmetic,
Mar-21 Mallygirl, LLC USA Beauty Visions, LLC -
makeup, and beauty supplies
Phoenix Fragrances Manufactures fragrances and
Mar-21 GBR -
Limited fragrance concentrates
Manufactures and sells skin
Mar-21 Space Brands Limited GBR Yatsen Holding Limited -
related products
Manufactures and sells
Mar-21 Upland1 LLC USA -
skincare and beauty products
Manufactures and sells
Feb-21 Pangaea Laboratories Ltd GBR skincare, skin-ageing, and -
hair care products
Manufactures and sells Acquired a 47.0% stake for US$1.0 billion.
Feb-21 DECIEM Inc. CAN
beauty products EV/Revenue: 4.6x
Develops, formulates, and
Brand Architekts Group
Feb-21 GBR supplies personal care and Unknown buyer Acquired for US$2.0 million
plc
beauty products
Designs, manufactures, and
Feb-21 The Humble Co. AB SWE markets personal hygiene Acquired for US$97.1 million
products
Develops vitamins and other Acquired a 76.4% stake for US$68.6 million.
Feb-21 NattoPharma ASA NOR Synergia Sciences Pvt. Ltd.
healthcare products EV/EBITDA: 22.2x. EV/Revenue: 3.4x
Manufactures and supplies
Feb-21 Nyakio, LLC USA bath, body, and skincare -
products
Develops skin and cosmetic
Feb-21 Tricot Inc. JPN Acquired a 89.4% stake for US$31.7 million
products
Manufactures and sells
Feb-21 Brain Forza Labs Inc. USA Monk-E Nutraceuticals Inc. -
nutritional supplements
Feb-21 Nesperta sp. z o.o. POL Manufactures nail polishes -
Manufactures sports nutrition
Feb-21 Sensatus Group, LLC USA products and health Sensatus Group, LLC -
supplements
Produces and distributes
Feb-21 GC Rieber VivoMega AS NOR Acquired a 32.0% stake
omega-3 concentrates
Personal Care Industry Sources: Capital IQ, S&P Market Intelligence
Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
PERSONAL CARE – Q1 GLOBAL TRANSACTIONS
Date Target Country Description Seller Buyer Additional Notes
Produces dietary
Jan-21 Double Wood LLC USA supplements and nootropics -
products
Ingredient Innovations Develops and produces
Jan-21 USA -
International Company nutritional ingredients
Smith & Vandiver Manufactures bath, body,
Jan-21 USA -
Corporation and skincare products
Manufactures skincare
Jan-21 Liguna, K.K. JPN Liguna, K.K. -
products
Manufactures health
Jan-21 Eu Natural Inc USA Eu Natural Inc -
supplements
Produces and supplies sports
Jan-21 Proteinfabrikken AS NOR nutrition and dietary Acquired a 83.3% stake
supplements
Provides hair care products
Jan-21 Cut by Fred FRA Fibonacci SARL -
and accessories
Laboratoires Provendi Manufactures and sells Rhône-Alpes PME Gestion;
Jan-21 FRA -
S.A.S. soaps Capital Entrepreneurs 5 FPCI
Manufactures and sells
Jan-21 International Holding srl ITA International Holding srl -
perfumes
WM Beautysystems AG & Develops and sells cosmetics
Jan-21 DEU -
Co. KG and body care products
Manufactures health, beauty, Bright International
Jan-21 Bocchi Laboratories, Inc. USA -
and personal care products Corporation
Personal Care Industry Sources: Capital IQ, S&P Market Intelligence
Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
REPRESENTATIVE GLOBAL ENGAGEMENTS
has sold has sold
to has acquired has acquired has acquired has been acquired by
to
GE Power and
Systems JBI Holding SAS
Grupo Educativo
IEJV
has partnered with has acquired
has acquired has acquired
The Zinc Recycling
has been acquired by
Business
of
a subsidiary of has been acquired by
a subsidiary of
has sold the North has sold
American
has been guarding business of has been acquired by and
has sold recapitalized by has acquired
to
A division of Carrier Commercial Refrigeration, Inc.
to
to
and
intelectiva ®
has acquired
has sold has acquired Holding company of
Cosmocel Química
has sold its concrete
to
pumping business to
has been acquired by has acquired a majority
KFC Costa Rica dealerships from stake in
a business unit of from
has sold
Its sanitaryware
has acquired businesses
has merged its
Grupo Galaz, S.A de C.V. has been acquired by beverage division
has been acquired by Workshop and store in
with and
has been acquired by Mexico City from
to
Washington, D.C. | Miami | Mexico City | MonterreyContact Information
Seale & Associates James A. Seale
President
jseale@sealeassociates.com
Creative Solutions. Trusted Advice.
Brett M. Carmel
Since 1999, Seale & Associates has been the trusted advisor to Senior Managing Director
bcarmel@sealeassociates.com
respected public and private companies from around the
Felipe Bueno Viesca
world. Seale is a global investment bank with extensive Senior Director
fbueno@sealeassociates.com
experience in mergers and acquisitions (M&A), corporate
Sergio Garcia del Bosque
finance advisory, and enterprise level strategy consulting with Managing Director
sgarcia@sealeassociates.com
a track record of success in a diverse range of industries. Our
Carlos Hernandez
experienced team of professionals are committed to serving Managing Director
chernandez@sealeassociates.com
clients with excellence and integrity, while offering innovative
Alejandro Montemayor
ideas and solutions to address complex transactions. Vice President
amontemayor@sealeassociates.com
Armando Rios
ADVISOR TO LEADING COMPANIES WORLDWIDE Associate
arios@sealeassociates.com
Fernanda Esparza
Analyst
fesparza@sealeassociates.com
Sofia Felix
Business Development
sfelix@sealeassociates.com
Miguel Leal
Business Development
mleal@sealeassociates.com
Andre de Lachica
Junior Analyst
adelachica@sealeassociates.com
Andre Leroy
Junior Analyst
lleroy@sealeassociates.com
Carlos Bonilla
Junior Analyst
CONTACT INFORMATION cbonilla@sealeassociates.com
Daniela Verdugo
Junior Analyst
dverdugo@sealeassociates.com
Headquarters
901 N. Glebe Road Jose Pablo Arronte
Junior Analyst
5th Floor jarronte@sealeassociates.com
Arlington, Virginia
Regina Labardini
+1 (703) 294 6770 Junior Analyst
rlabardini@sealeassociates.com
Please contact us if you would like further information about M&A trends and/or
specific transaction multiples for your industry
Washington, D.C. | Miami | Mexico City | Monterrey For additional information, please visit
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