International private equity firm, Cinven, today announces that it has entered into exclusive negotiations with Sagard MidCap for the acquisition of the Nutrisens group (‘Nutrisens’ or ‘the Company’), a leading clinical nutrition specialist. The management team, led by Founder and CEO Georges Devesa, will significantly reinvest in the Company. Financial terms of the transaction were not disclosed.
Nutrisens develops, manufactures and distributes a comprehensive portfolio of clinical nutrition products, designed to address various medical conditions such as malnutrition, dysphagia, weight loss, muscle wasting and other health issues affecting vulnerable populations, particularly the elderly.
Nutrisens was established in 2011 by Georges Devesa and is headquartered in Chaponost, France. Over recent years the company has expanded its operations beyond France, establishing subsidiaries in Brazil, Spain, Italy, the UK, Germany and Portugal. Nutrisens now has a presence in more than 30 countries and employs over 750 individuals.
Nutrisens differentiates itself thanks to a strong focus on innovation and quality of its product offerings. The Company collaborates with healthcare professionals, dieticians, chefs and researchers to develop solutions that are not only nutritionally effective but also flavourful and appealing to patients.
Cinven’s French Regional team and Healthcare Sector team have collaborated closely on the investment in Nutrisens, identifying it as a compelling opportunity underpinned by a number of attractive characteristics, including:
• Large and resilient medical nutrition market: Nutrisens benefits from an established position in a large and attractive industry driven by fundamental demographic trends and growing awareness of clinical nutrition benefits;
• Differentiated positioning with significant opportunities to drive sustained growth: Nutrisens is one of the largest independent clinical nutrition specialist, and has the ability to continue growing strongly through a differentiated offering focused on driving patient observance with superior quality and range;
• Impressive financial track record: Nutrisens has consistently outperformed the market, delivering double-digit organic growth while increasing its margins in parallel; and
• Strong and experienced senior management team: Nutrisens is powered by a strong senior management team with a proven track record of execution, clear ambition, and an entrepreneurial culture. The business is led by its CEO and founder, Georges Devesa.
Pierre Estrade, Partner and Head of Cinven’s French Regional team commented:
“Nutrisens is a standout player in the clinical nutrition space, with a strong track record of innovation and a deep commitment to improving patient health. We are thrilled to partner with Georges Devesa and his talented team to support the company’s next phase of growth, both in France and internationally. Together we see significant opportunities to expand Nutrisens’ reach and impact through continued investment in product development, customer attention and strategic acquisitions.”
Pontus Pettersson, Partner and Head of Cinven’s Healthcare Sector team added:
“Nutrisens perfectly aligns with our investment strategy of backing strong companies operating behind fundamental healthcare trends. Its leadership in clinical nutrition, combined with its scalable business model and expanding international footprint, presents a compelling growth story. We look forward to working closely with the team to accelerate their ambition and create long-term value for all stakeholders.”
Maxime Baudry, Partner at Sagard, and Nicolas Bonnard, Managing Director, stated:
“Under the impressive leadership of Georges Devesa, Nutrisens has undergone a radical change of scale over the last 4 years, completing 8 acquisitions performed across 2 continents and achieving 20% organic growth. This development, on the back of well positioned underlying markets, reflects both a strong entrepreneurial culture and a series of sound strategic choices – including the construction of a state-of-the-art industrial facility, the launch of the pharmaceutical channel in France, expansion into four new countries, entry into niche therapeutic areas, an ambitious ESG policy and robust innovation capabilities to better serve patients whatever their pathology. Sagard is proud to have contributed to this outstanding growth journey.”
Georges Devesa, Founder & CEO of Nutrisens said:
“We are excited to begin this new chapter with Cinven, whose experience and strategic vision will be invaluable as we accelerate our growth internationally. Their support reinforces our mission to deliver innovative, high-quality nutritional solutions that improve the lives of vulnerable patients. With this partnership, we’re confident we can expand our reach, strengthen our product offering and continue to lead in the field of medical nutrition. The entire Nutrisens team would like to deeply thank Sagard for their amazing support that has decisively contributed to accelerate Nutrisens expansion on a global scale.”
The transaction is subject to regulatory approvals and customary closing conditions.
