The deal created the world’s largest independent pure-play dermatology company with a broad base of market-leading products and extensive research and development capabilities. Galderma offers its range of medical and consumer skin health solutions through three business units: aesthetics, prescription and consumer care, with combined revenues of CHF 2.8 billion.
ADIA’s Europe and Healthcare private equity team expressed its interest in Galderma, previously called Nestlé Skin Health, as soon as it became clear that parent company Nestlé was considering a sale. ADIA promptly joined with EQT, a long-standing partner that shared a strong understanding of the sector, to evaluate the opportunity.
ADIA’s private equity teams proactively track and research ongoing industry themes, and Galderma played into a number of these: the impact of aging demographics, consumer trends in healthcare and the growth of specialty pharmaceuticals, among others.
Galderma’s situation was also one that aligned with a key area of focus: seeking to invest in high-quality, innovative, stand-alone units of large corporates looking to find long-term owners for non-core businesses.
The ADIA and EQT teams knew each other well. They had previously worked together on the carve-out of another consumer healthcare business, and this, combined with the two teams’ deep sector specialisation, allowed them to form a compelling prospective buyer for Galderma focused on supporting the company’s continued growth and development.
Since the acquisition, Galderma has reiterated its plans to continue to invest, launch new products and focus on international expansion.
