Argos Wityu announces the divestment of Sapore di Mare to Edmond de Rothschild Investment Partners

Argos Wityu announces the divestment of Sapore di Mare to Edmond de Rothschild Investment Partners

Argos Soditicannounces the divestment of Sapore di Mare to Edmond de Rothschild Investment Partners green_squares

Milano, 2nd August 2017 – Edmond de Rothschild Investment Partners completed today the acquisition of a majority stake in D.I.MAR S.r.l. (“Dimar” or the “Company”), the leading frozen seafood specialized retail chain in Italy trading under the “Sapore di Mare” brand name, operating in excess of 100 stores and generating over 80 million euro in revenues in 2016. Edmond de Rothschild Investment Partners will be investing in Dimar alongside the current CEO Paolo Gattafoni and the Mucci Family who will be retaining a minority stake in the Company.
Established at the beginning of the ‘90s, a majority stake of the Company was sold by its founders to Argos Wityu in 2011 with the objective of strengthening the management team and expanding the direct stores network rising from 3 in 2011 to 59 stores in 2016 and revenues progressing from 2 million euros to 49 million euros over the same period.
Thanks to an innovative store format inspired by a traditional fishmongers shop experience, Sapore di Mare has been selecting the best seafood worldwide for its customers for over 25 years, implementing strict quality controls procedures leading to the ISO 9001 and ISO 22005 certifications, focusing on sustainable fishing and mastering the deep freezing and glazing processes in order to ensure the preservation of the organoleptic and nutritional properties of the product. Moreover, the internal R&D department has developed over 100 ready meals recipes ensuring that every customer feels like a real chef simplifying his life in the kitchen in full respect of the best traditional seafood dishes.
In the context of the transaction Edmond de Rothschild Investment Partners will support Dimar’s management team in pursuing an expansion strategy, strengthening the current commercial coverage in Italy through the opening of a significant number of additional directly operated stores.
Paolo Gattafoni, CEO at Dimar stated: “I am happy to welcome Edmond de Rothschild Investment Partners investment in Sapore di Mare, Italy’s leading frozen seafood specialized retail chain. This Marche-based Company will continue in its growth path together with the existing management team and the founders maintaining its presence in central Italy. Our future strategy will not be focused only on stores network growth but also on maintaining our quality leadership, guaranteeing our customers safe and certified products”
Alessio Manigrasso, Managing Director at Argos Wityu Italy: “In more than five years we carried out a deep transformation switching the model from franchised to direct stores with a unique format.

Investments have been substantial but the real challenge has been to build a solid organizational
structure which will be the basis for a successful future.”
Mast Capital Partners team, exclusive advisor to Edmond de Rothschild Investment Partners in Italy,
headed by Luca Ravano and Massimo Massari, stated: “The important growth and transformation of the
Company in the past few years represent an ideal platform to consolidate and furtherly enhance an
innovative and highly distinctive retail formula, which has also demonstrated its effectiveness in
conveying to its customers the high quality of frozen fish. We are proud to work alongside the current
management team headed by Paolo Gattafoni, contributing an ideal combination of experience and
professionalism to the ambitious growth plan of the Company.”



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Argos announces the divestment of Natural Santé to the spanish pharmaceutical and healthcare company CINFAgreen_squares

Paris and Ashford, 17 July 2017

The transaction is the third exit out of 15 investments for Euroknights VI, Argos Wityu’s fund raised in 2011.

Argos Wityu announces the divestment of Natural Santé, a European specialist in food supplements to CINFA, the Spanish pharmaceutical and healthcare company. With a focus on consumers, product innovation, high quality formulations and international development, Cinfa and Natural Santé will create a European leading group in OTC and natural healthcare.

Natural Santé : growth and transformation since 2013

The funds advised by Argos Wityu and the management team acquired Natural Santé from the founders in April 2013, and strengthened the group with the add-on acquisition of D.Plantes in December 2014. Under the funds’ ownership, the group has seen strong development, and achieved significant growth in all areas of business, fueled by innovation and recruitments in sales, marketing and product development. “While maintaining its strong fundamentals, and in particular its focus on high-quality formulations, Natural Santé also significantly transformed since 2013”, Karel Kroupa, partner at Argos Wityu, says. “A newly recruited and reinforced management team led by Philippe Hemeray is now in place, an agile and team-driven organization has been implemented and the group has expanded into the direct sales channel with the acquisition of D.Plantes. And most important, Natural Santé has further increased product innovation and attention paid to its customers”. As an illustration of the success of this development and transformation, the group’s sales grew from €32 to 46 m over a period of 4 years and its leading brand Sante Verte went from N°14 to N°7 in the French food supplement market in pharmacies.

Cinfa and Natural Santé to further boost development and internationalization

The companies’ complementary portfolio and country coverage will be mutually beneficial, bringing a strong position in the growing natural food supplement market to Cinfa, and reinforcing Natural Santé growth capabilities in international markets. Management of Natural Santé will remain in place and carry on the fast pace development started by the founders and continued with Argos Wityu. According to Enrique Ordieres, President of Cinfa, “The acquisition of Natural Santé will allow us to continue to grow in the French market which is of strategic importance to us. Natural Santé’s extensive experience in the sector of Consumer Health and its strong commitment to innovation and quality have been key aspects for us in reaching this agreement. In addition, Natural Santé strategy and culture are well aligned with our interests.

Philippe Hemeray, CEO of Natural Sante, confirms “This new organisation will be beneficial to our consumers and to our customers, it will bring together the strength of a pharmaceutical company and the agility of Natural Sante to develop our food supplement brands further with product innovations and new country expansion. I am happy that this deal was driven by positive synergies and management teams mutual understanding.
The terms of the transaction were not disclosed.

Argos Wityu :
Karel Kroupa, Raphaël Bazin, Samuel Touboul


– M&A: Rothschild (Pierpaolo Carpinelli, Philippe Dubois de Montreynaud)
– Legal: MWE (Grégoire Andrieux, Louis Leroy, Claire Barra)
– M&A: Alantra (Guillermo Arbolí, Guido Siebiera, Oriane Durvye)
– Financial, Tax, Legal, Labour and Operational Due diligence: KPMG
– Legal: KPMG

About Argos Wityu

Created in 1989, Argos Wityu is an independent European Private Equity firm with offices in Brussels, Frankfurt, Geneva, Milan and Paris. Argos Wityu focuses on management buy-outs, buy-ins, spin-offs, in small and medium sized companies. The funds managed by Argos Wityu typically take majority stakes ranging from €10m to €100m. Since inception, Argos Wityu has carried out more than 70 transactions focused on growth and business transformation of the acquired companies, ahead of financial leverage. The firm has in particular developed a track record of unusual, complex and off-market transactions.

About Cinfa

Founded in 1969, Cinfa accumulates nearly 50 years of experience and offers quality and accessible health solutions with more than 1.370 presentations divided into five lines of products: generic drugs; OTC drugs and healthcare products, where the company grows well above the market; mobility solutions under the Farmalastic brand; a skincare line under the Be+ brand; and an advanced line or research in nutrition, Ns Nutritional System. This pharmaceutical manufacturer, with a current workforce of more than 1,000, sells its production to 55 countries.

About Natural Santé Limited

Based in Ashford (UK) Natural Sante Ltd develops and markets natural food supplements in pharmacies with its brand Sante Verte and in organic stores, as well as on the internet. The group focuses on constant product innovation with high quality natural ingredients for health and wellbeing benefits. Founded 30 years ago by Jean and Maryse Estienne, the group started a new development phase in 2013 after Argos Wityu, the private equity house, acquired the company. With Argos Wityu, the new management team of Natural Santé Ltd developed a growth strategy based on product innovations and new customer acquisition supported by a reinforced brand positioning.

Contact Presse Argos Wityu : Violaine Charpentier 01 53 67 20 57


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