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Consumer Goods 2019

Health & Beauty In-depth Market Analysis Preview

Last year, the global M&A volume in the “VMS and Beauty” segment experienced a 5-year high:

79 transactions, a 41% increase YoY. Trends such as the amibiton to lead an increasingly healthy lifestyle, consumers striving for self-optimization and the wave of RX drugs becoming OTC products support high valuations. Within “Beauty”, niche areas like “Natural Cosmetics” are forecasted to outperform other areas with annual growth rates way into the double-digits.

With c. 30 transactions p.a. and a strong focus on high growth segments, Carlsquare is the leading advisor in Europe when it comes to M&A and fundraising in the VMS and Health & Beauty industry segments. From our six European offices (Berlin, Copenhagen, Hamburg, London, Munich and Stockholm), more than 70 professionals are covering clients within Consumer & Retail, Business Services, TMT and Healthcare.

We hope this report provides you with an incentive to reach out directly to anyone of us: we would always prefer to discuss our experience in person.

If you are planning a transaction or are interested in exchanging information on the Consumer Goods market, we look forward to hearing from you.

Partners

Picture of Arnold Holle

Arnold Holle

Managing Partner

Telephone: +44 20 80176020

Picture of Michael Moritz

Michael Moritz

Managing Partner

Telephone: +49 30 809 33 47-13

Picture of Mark Miller

Mark Miller

Managing Partner

Telephone: +49 40 300 836-11

Picture of Nico Schmidt-Weidemann

Nico Schmidt-Weidemann

Partner

Telephone: +49 89 255 49 53-17

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Carlsquare at glance and two selected deals in VMS and Beauty

08

Partners

70+

Employees

06

Offices across Europe

55

Transactions in the past 2 years

CHERRY-BODY-TEA-BANNER-852X476px

fitiva

Fitvia is a leading European digital native brand for healthy & functional nutrition in Germany.

Publicly-listed Dermapharm SE (ETR:DMP) acquired 70% of the shares of fitvia GmbH to benefit from new distribution channels and marketing know-how. Carlsquare acted as sell-side advisor for fitvia.

Baden-Baden Cosmetics Group (BCG)

BCG is one of the leading independent, medium-sized cosmetics companies in Germany with a delivery to more than 60 countries. DYA Holding GmbH acquired all shares in BCG and its well-known brands, such as Sans Soucis, Biodroga and Dr. Scheller. DYA, together with Carlsquare, keeps looking for outstanding beauty brands for its portfolio.

Baden-Baden Cosmetics Group (BCG)

BCG is one of the leading independent, medium-sized cosmetics companies in Germany with a delivery to more than 60 countries. DYA Holding GmbH acquired all shares in BCG and its well-known brands, such as Sans Soucis, Biodroga and Dr. Scheller. DYA, together with Carlsquare, keeps looking for outstanding beauty brands for its portfolio.

Beauty Deals Background (original)

Valuation of VMS companies

2x

revenue multiple

12x

EBITDA multiple

Valuation of VMS companies

2x

revenue multiple

12x

EBITDA multiple

Beauty Brands Background (original)

Valuation of Beauty companies

4x

Beauty revenue multiple

19x

Beauty EBITDA multiple

Valuation of Beauty companies

4x

Beauty revenue multiple

19x

Beauty EBITDA multiple

VMS Market Background (original)

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Germany

Picture of Michael Moritz

Managing Partner

Telephone: +49 30 809 33 47-13

Picture of Mark Miller

Managing Partner

Telephone: +49 40 300 836-11

Picture of Caspar Graf Stauffenberg

Caspar Graf Stauffenberg

Managing Partner

Telephone: +49 89 255 49 53-11

Picture of Daniel Garlipp

Managing Partner

Telephone: +49 40 300 836-19

Picture of Steffen Leckert

Steffen Leckert

Managing Partner

Telephone: +49 89 255 49 53 26

Picture of Manfred Drax

Partner

Telephone: +49 89 255 49 53-15

Picture of Nico Schmidt-Weidemann

Nico Schmidt-Weidemann

Partner

Telephone: +49 89 255 49 53-17

Picture of Andreas Zetzsche

Andreas Zetzsche

Partner

Telephone: +49 30 809 3347 33

Sweden

Picture of Anders Elgemyr

Managing Partner

Telephone: +46 70 496 18 15

Picture of Erik Lundberg

Director

Telephone: +46 73 850 35 59

Great Britain

Picture of Arnold Holle

Managing Partner

Telephone: +44 20 80176020

Denmark

Picture of Anders Bo

Managing Partner

Telephone: +45 4199 8252

Picture of Flemming C. Pedersen

Flemming C. Pedersen

Managing Partner

Telephone: +45 4199 8251

Picture of Morten Kjærulff

Morten Kjærulff

Partner

Telephone: +45 2634 9031

Picture of Kurfürstendamm 188

Kurfürstendamm 188

10707 Berlin

Telephone: +49 30 809 334 70

Partners

Picture of Michael Moritz

Managing Partner

Telephone: +49 30 809 33 47-13

Picture of Andreas Zetzsche

Andreas Zetzsche

Partner

Telephone: +49 30 809 3347 33

Office Management

Picture of Eva Macha

Office Management

Telephone: +49 30 809 33 47-10

Picture of Jessica Algner

Office Management

Telephone: +49 30 809 33 47-12

Head of Operations

Picture of Mandy May

Head of Operations

Telephone: +49 30 809 33 47 16

Directors & Vice Presidents

Picture of Nils Zettelmeyer

Nils Zettelmeyer

Director

Telephone: +49 30 809 33 47-25

Picture of Thorsten Grandt

Thorsten Grandt

Vice President

Telephone: +49 30 809 33 47-20

Picture of Toldbodgade 57

1253 Copenhagen K

Telephone: +45 3945 0010

Partners

Picture of Anders Bo

Managing Partner

Telephone: +45 4199 8252

Picture of Flemming C. Pedersen

Flemming C. Pedersen

Managing Partner

Telephone: +45 4199 8251

Picture of Morten Kjærulff

Morten Kjærulff

Partner

Telephone: +45 2634 9031

Associates

Picture of Alexander Schleppegrel

Alexander Schleppegrel

Associate

Telephone: +45 2621 0543

Picture of Esplanade 41

20354 Hamburg

Telephone: +49 40 300 83 60

Partners

Picture of Mark Miller

Managing Partner

Telephone: +49 40 300 836-11

Picture of Daniel Garlipp

Managing Partner

Telephone: +49 40 300 836-19

Office management

Picture of Anna-Lena Kickbusch

Anna-Lena Kickbusch

Office Management & Accounting

Telephone: +49 40 300 836 10

Marketing

Picture of Elaine Kelly

PR, Marketing & Business Development Manager

Telephone: +49 40 300 836 18

Directors & Vice Presidents

Picture of Mischa Krause

Director

Telephone: +49 40 300 836-24

Picture of Philip Goldhahn

Philip Goldhahn

Vice President

Telephone: +49 40 300 836-21

Associates

Picture of Gerrit Zwarg

Associate

Telephone: +49 40 300 836-28

Picture of Polina Amini

Associate

Telephone: +49 40 300 836-14

Picture of Gregor Steins

Associate

Telephone: +49 40 300 836-15

Picture of Germar Ebner

Associate

Telephone: +49 40 300 836-26

Picture of Maurice Hinrichs

Maurice Hinrichs

Associate

Telephone: +49 40 300 836-20

Picture of 14 Buckingham Street

14 Buckingham Street

London WC2N 6DF

Telephone: +44 20 8017 6020

Partners

Picture of Arnold Holle

Managing Partner

Telephone: +44 20 80176020

Office Management

Picture of Agata Barsallo

Office Management

Telephone: +44 20 8017 6020

Associates

Picture of Jon Tingling

Associate

Telephone: +44 77 1347-8286

Business Development

Picture of Sybille de Vegvar

Sybille de Vegvar

Business Development & Marketing

Telephone: +44 20 8017 6017

Picture of Von-der-Tann-Straße 7

Von-der-Tann-Straße 7

80539 München

Telephone: +49 89 255 495 30

Partners

Picture of Caspar Graf Stauffenberg

Caspar Graf Stauffenberg

Managing Partner

Telephone: +49 89 255 49 53-11

Picture of Manfred Drax

Partner

Telephone: +49 89 255 49 53-15

Picture of Nico Schmidt-Weidemann

Nico Schmidt-Weidemann

Partner

Telephone: +49 89 255 49 53-17

Picture of Steffen Leckert

Steffen Leckert

Managing Partner

Telephone: +49 89 255 49 53 26

Office Management

Picture of Anika Schaefer

Office Management & HR

Telephone: +49 89 255 495 310

Directors & Vice Presidents

Picture of Sebastian Fischer

Sebastian Fischer

Director

Telephone: +49 89 255 49 53-12

Associates

Picture of Malve Liebig

Associate

Telephone: +49 89 255 49 53-18

Picture of Maximilian Fidel

Maximilian Fidel

Associate

Telephone: +49 89 255 49 53 24

Picture of Birger Jarlsgatan 13

Birger Jarlsgatan 13

111 45 Stockholm

Telephone: +46 8 684 439 00

Partners

Picture of Anders Elgemyr

Managing Partner

Telephone: +46 70 496 18 15

Picture of Erik Lundberg

Director

Telephone: +46 73 850 35 59

Business Manager

Picture of Caroline Berglund

Caroline Berglund

Head of Equity Sales

Telephone: +46 73 382 10 82

Office Management

Corporate Finance

Picture of Johan Heigard

Vice President

Telephone: +46 70 246 99 88

ECM

Equity Research

Picture of Markus Augustsson

Markus Augustsson

Head of Equity Research

Telephone: +46 76 235 03 20

Picture of Bertil Nilsson

Senior Equity Analyst

Telephone: +46 70 434 90 03

Picture of Richard Ramanius

Richard Ramanius

Associate Equity Analyst

Telephone: +46 73 539 66 99

Senior Advisors

Picture of Lars Johansen

IT&Telecom Expert

Picture of Ulf Boberg

Senior Advisor Life Sciences

Telephone: +46 73 312 44 90

Associates

Picture of Caroline Heintz

Caroline Heintz

Associate

Telephone: +46 707 40 68 58