Uriach takes another step in its transformation. After redefining itself towards the natural consumer healthcare segment, making the international leap, and professionalizing its organs, the company has just allowed an external partner into its capital for the first time. "We are at the most transcendental moment in Uriach's 185-year history," says Enrique Uriach, a member of the fifth generation and president of the board of owners. With an eye on its entry into France, the last major European market they were missing, the shareholders have decided to partner with the British fund ICG to finance the acquisition of the company Ineldea.
The flexible capital and debt fund has acquired 30% of Uriach's capital with a "long-term" commitment, Enrique Uriach emphasizes. ICG, with more than 75.5 million euros in assets under management, will now have a seat on the board of directors, from which no family member has left.
"We decided it unanimously. We clearly saw that it was the way to grow," says Enrique Uriach, adding that the first to give his approval was his father and honorary president of the group, Juan Uriach Marsal. With this decision, Uriach follows the path of another major Catalan pharmaceutical company, Esteve, which allowed the German investment fund Lubea to enter its capital with a similar stake.
Without setting deadlines, the owner of brands such as Biodramina, Fisiocrem, Cistitus, Utabon, and Aerored contemplates different options for when the fund's exit occurs. "It will be agreed upon and will have good conditions," indicates Enrique Uriach. When this scenario arises, a buyback by the family or the search for another private equity fund is on the table, but also an IPO. This third option has not yet been executed because it has been considered that Uriach does not have sufficient size for the continuous market. It could happen by 2025, when Uriach expects to have reached a turnover of between 450 and 500 million euros.
Entry into France
The French company Ineldea, also active in Belgium and Italy, has a turnover of almost 100 million euros and a workforce of 170 employees. According to Uriach's CEO, Oriol Segarra, it is one of the European pioneers in the natural consumer healthcare segment, which includes over-the-counter medicines, natural products, and food supplements. Some of Ineldea's brands are Pediakid, Olioseptil, Vitamin22, STC Nutrition, and Copmed.
The acquisition of Ineldea is the largest Uriach has made in recent years since it began its internationalization. With its arrival in France, the Catalan pharmaceutical company is present in eight countries. It first expanded to Italy with the acquisition of Laborest (2015) and, later, A.R.Fitofarma and Progine (2019). After Italy, came Portugal, where it bought Theralab (2018). Corporate operations were reactivated after the pandemic with Sidroga (2021), entering Germany, Austria, and Switzerland, and Medimow (2022), expanding to Romania. In Greece, they are also present through a joint venture with a local company.
This latest operation, still pending validation procedures, will place the Catalan multinational's turnover close to 450 million euros in 2024, very close to the objective set by the strategic plan. This year, it expects to close with revenues of 310 million euros. "It's not the end of the road. The entry of ICG helps us to raise our ambition and accelerate organic and inorganic growth," defends Segarra. In the coming years, they are studying reaching new markets in Eastern Europe and the Nordic Countries, but also growing with new acquisitions where they are already present, especially in the largest ones: Spain, Italy, France, and Germany. After absorbing Ineldea, no acquisitions are expected next year.