Rafael Alvarez-Novoa, Partner, who co-led the deal with fellow Partner Damien Gaudin, said:“We are delighted that BioDue has signed this agreement, which is another example of our strong sector focus, sitting at the cross-section of our Healthcare and Consumer Products & Services specializations. The two businesses have a close cultural fit and are highly complementary, with BioDue focused on food supplements and Biokosmes and Kullgren’s production unit specializing in medical devices and cosmetics. The acquisition will complement and add scale to BioDue’s CDMO business unit, bringing significant potential for synergies.”
Riverside acquired BioDue in March 2023. The company, founded in 1986 by the Benedetti family, provides customers with a full-service offering, including raw material sourcing, development and formulation, production, packaging, regulatory affairs and commercialization. Its product portfolio includes food supplements, medical devices and cosmetics. BioDue boasts a large and diverse customer base, including major pharma and nutraceutical companies in Europe as well as niche players. Since investing in BioDue, Riverside has supported growth through organic initiatives and M&A, alongside significant investments into the organization, including the appointment of a new CEO, CFO and senior leadership team. Earlier this year, BioDue completed its first add-on under Riverside ownership, acquiring BMG Pharma, an Italian B2B company specialized in the development and out-licensing of innovative patented products for the oral health, dermatology and nutraceutical sectors. Davide Masini, CEO of BioDue, said:“The acquisition brings significant potential upsides for BioDue, providing it with greater portfolio breadth and enhancing its position as a one-stop-shop. Currently, approximately 70% of the business unit’s sales come from medical devices, whereas BioDue has traditionally focused more on food supplements. The investment will add new manufacturing sites in Northern Italy and Sweden, bringing the total to seven plants, each of which is a centre of excellence.”
Gianluca Braguti, CEO of VLG’s CDMO business unit, commented:“With this investment, BioDue will not only double the size of its manufacturing capabilities but also add a large portfolio of products and technologies that will allow us to better serve our customers and be on top of the latest market trends”
Working with Langer, Gaudin and Alvarez-Novoa on the transaction were Riverside Europe team members: Principal Nandor Hajdu, Vice-President Mattia Gattesco and Senior Associate Jaime Garcia-Oliveros.“The management team and I are thrilled to join forces with BioDue as we embark on a new chapter in our history, continuing our journey with VLG, which will remain an important and strategic customer. We firmly believe that BioDue is the perfect partner to help us achieve our ambitious expansion goals, thanks to its unique complementarity and strong cultural alignment. I would like to extend my gratitude to all our employees, collaborators, suppliers, and clients for their continued support and trust.”
About The Riverside Company
The Riverside Company is a global investment firm focused on being one of the leading private equity and flexible capital options for business owners and portfolio company employees at the smaller end of the middle market, aiming to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s international private equity and flexible capital portfolios include more than 140 companies.
Riverside Europe is an integral part of the firm’s global network and has been active in Europe since 1989. Riverside believes a truly global presence provides insight into local conditions, culture and business practices, making team members better business partners.
More information at: www.riversidecompany.com
