Avista Capital Partners up with Vision Health Care
ABOUT THE TRANSACTION
Vision Consumer Health BV (hereinafter called “Vision Consumer Health” or “Vision”), a company which is held by
VHC Investco (hereinafter called “VHC Investco”), the management (hereinafter called “Management”) and funds
managed by Avista Capital Partners (hereinafter called “Avista”) have agreed to acquire 100% of the shares of Vision
Healthcare NV (hereinafter called “Vision”), one of Europe’s fastest growing omni-channel and direct-to-consumer
healthcare companies. Avista and VHC Investco/Management will each hold a 50% ownership interest in Vision
Consumer Health. The transaction values Vision at an aggregate value of EUR 305 million, inclusive of contingent
Vision Consumer Health is a Belgium based consumer healthcare platform with sales and operations across
continental Europe. The company has the ambition to become a leading global omni-channel consumer healthcare
platform, with a unique digitized D2C approach. Founded in 2017, Vision has grown rapidly into a company today
with over c. EUR 135m of sales, through a combination of a successful buy-and-build strategy and strong organic
growth in its direct-to-consumer businesses.
With Avista as the company’s new financial partner, Vision embarks on the next stage of its strategic journey,
enabling the company to realise further rapid growth and additional investments with its unique D2C business model.
This transaction and the combined expertise of both partners will also allow Vision to further grow geographically
and accelerate the acquisitions of new businesses in the direct-to-consumer healthcare space globally.
AVISTA AS VISION HEALTHCARE’S NATURAL PARTNER
Although Vision’s search for a new partner to support its strong ambitions received significant interest from
institutional investors all over the world, it soon became clear that Avista was the natural partner for Vision. As a
healthcare focused private equity fund, Avista combines the financial know-how and resources of a traditional private
equity firm, with deep industry expertise given its healthcare focus and established investment history in the
consumer healthcare sector. Furthermore, Avista and the other Vision shareholders, are prepared to commit
significant further capital (above €100m) to help Vision realize its ambitions. Additionally, Avista’s presence in North
America will aid Vision Consumer Health to further grow its footprint and accelerate its plans to expand in the region
through targeted acquisitions.
The transaction is taking place during the COVID-19 pandemic crisis, which has caused upheaval in the global
economy and changed the way of life for billions of people. This transaction highlights the resilience of the consumer
healthcare sector as well as Vision’s favorable strategic positioning in the D2C and online channels. It further
demonstrates the ability of Vision’s management team and employees to adapt to unforeseen circumstances.
Yvan Vindevogel, Founder and CEO of Vision Healthcare NV, says: “We are extremely proud to announce this
partnership with Avista, and would especially like to welcome Thompson Dean (Co-CEO of Avista), with whom I had,
as of the first meeting, a common understanding of where our business and the consumer healthcare sector is going.
The paradigm shift of preventive health solutions and direct-to-consumer experiences is happening fast in our
consumer healthcare space and has only been accelerated by the changes, complexities and opportunities COVID-19
has brought along. Vision is well positioned to take advantage of these dramatic changes, especially now, with the
support of strong (financial) partners. We are looking to recruit the best people in technology, direct-to-consumer
marketing and consumer products, in order to realize our ambitious vision.”
Thompson Dean, Co-CEO of Avista, says: “We are excited to partner with Yvan Vindevogel and the Vision team. Avista
will be a strong partner for Vision, providing operational guidance and financial resources, and leveraging our
experience in the consumer healthcare sector to further propel the company towards its goal of becoming a leading
omni-channel and direct-to-consumer healthcare company. We believe Vision is well-positioned in a growing
consumer healthcare sector that has demonstrated resiliency in these unprecedented times. Avista stands ready to
make further investments to support the company’s growth plans.”
Rothschild & Co acted as the financial advisor of Vision and its shareholders, Allen & Overy as the legal advisor, and
PWC on the due diligence work. Ropes & Gray LLP acted as the legal advisor to Avista Capital Partners.
ABOUT VISION HEALTHCARE NV
Vision Healthcare is an independent and ambitious player active in the consumer healthcare sector where it holds a
large and diversified portfolio of self-care and OTC brands available across several European countries. Vision
Healthcare strongly focuses on an omni-channel approach through which its brands are marketed, with particular
in-house strength on the emerging digitalized and direct-to-consumer channels. Vision Healthcare is actively
pursuing a buy-and-build strategy, operating as a consolidator in the European landscape and beyond, allowing
group companies to benefit from a shared back-end platform allowing fast and sustainable organic expansion. The
group currently employs over 280 people. For more information, please visit www.visionhealthcare.eu.