Brussels, 23 November 2021 – Robin List and Vendis Capital today announce that they have entered into an agreement to sell the Sylphar Group to Karo Pharma, a Swedish healthcare company backed by EQT, a leading European private equity firm.
Sylphar is a Belgium based fast-growing and digital-first platform with a proven ability to grow and internationalise brands in the consumer health and beauty markets. Sylphar offers a portfolio of leading brands in these markets mainly sold through online marketplaces, web shops and e-pharmacies. The Sylphar brands are distributed in more than 50 countries worldwide with the support of local distribution partners and / or through online platforms. The major markets of the company include UK, Germany, Italy, Spain and France. The main brands of the Sylphar group are Nutravita, Alpha Foods, Remescar and iWhite.
As part of the transaction, Robin List and its management team as well as the former shareholders of Nutravita and Alpha Foods will reinvest in Karo Pharma.
Since the partnership between Robin List and Vendis Capital, Sylphar has pursued a strategy of expanding its digital presence, its category of products and its geographic footprint. This has been done organically and through acquisitions most notably by partnering with Arash and Babak Peyami in Nutravita in 2018 and with Wolfgang Dorfner in Alpha Foods in 2020. As true digitally-native brands, the companies brought their strong online expertise and dedicated teams into the Sylphar Group, which has continually invested in building both the brands as well the organization of the acquired companies. The combination has resulted in a high-performing and well-integrated omni-channel group of brands that enjoy tremendous momentum thanks to their innovation capabilities and dedicated customer-centricity.
Cedric Olbrechts, Partner at Vendis Capital: “We are very happy that we could help Robin to realize his vision and with the subsequent fantastic development of Sylphar. We are convinced that Sylphar has built a truly unique position based on its strong brands and omni-channel presence. This success belongs above all to our partners, Robin, our co-shareholders and our passionate management team. We would like therefore to warmly thank everyone for their commitment, work and talent.”
Robin List, CEO at Sylphar, adds: “We have transformed Sylphar into a digital-first brand company and we are glad that we could partner with Vendis to realize this transformation. We look forward to joining forces with Karo and see this as a unique opportunity to continue the development of our brands, people and business as part of the new combination. The two companies are highly compatible, and our team is excited about contributing to Karo’s continued growth and expansion story.”
Vendis Capital, Robin List and the shareholders of Nutravita and Alpha Foods were advised by Rothschild and Co and Argo.
About Sylphar (sylphar.com)
Sylphar is a Belgium-based company that develops and markets OTC products worldwide, focusing on bringing innovative and consumer friendly products to the global market. Within its portfolio, Sylphar has four main brands across categories of VMS and beauty: Nutravita, Alpha Foods, Remescar and iWhite.
About Vendis Capital (vendiscapital.com)
Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies in order to help them realise their potential for growth and value creation. Vendis invests in Belgium, Sweden, Denmark, France, the Netherlands and Germany.
About Karo Pharma (karopharma.com)
Karo Pharma delivers smart choices for everyday healthcare. They own and commercialize branded, original over-the-counter products and prescription medicines. Products are available in more than 60 countries, with Europe and the Nordic region as core markets. Karo Pharma is headquartered in Stockholm, Sweden and listed on Nasdaq Stockholm Mid Cap.
For more information:
Cedric Olbrechts (Partner) – Tel. +32 476 70 62 82 – co@vendiscapital.com
Stefan Weimann (Investment Manager) – Tel. +32 479 45 46 24 – sw@vendiscapital.com