Moonlake Capital’s Acquisition of of ADA Cosmetics Holding GmbH

Willkie and EY Tax advised Ardian on the deal

Ardian, a world-leading private investment house, announced today that it has entered into an agreement with Moonlake Capital to sell ADA Cosmetics Holding GmbH (ADA International), Europe’s leading manufacturer of high-quality hotel cosmetics. The management team will remain shareholders of the company. Financial terms will not be disclosed.

Ardian Expansion Fund III acquired the company in 2014. Since then, the business has grown via buy-and-build strategy through the acquisitions of Scandinavian Amenities, Pacific Direct and RDI Malaysia, as well as through significant organic growth. As a result, ADA International has advanced from local market leader in the DACH region to the market leader in Europe. It has also significantly strengthened its presence in Asia and the Middle East. Under Ardian’s ownership, sales have more than doubled to over EUR 110 million with profitability increasing steadily. The customer base has grown from around 15,000 to over 25,000 hotels, and the workforce has doubled to around 700 employees.

ADA International was founded in 1979 in Kehl, Germany. Its core business is the production and sale of high-quality personal care products such as shampoo, shower gel, soap, body lotion and accessories for the hotel industry. In addition to its own established brands such as Naturals, Pure Herbs and Hydro Basics, ADA International’s product range also includes hotel cosmetics products from leading international brands such as Chopard and Bulgari. The business model is based on products that meet the highest quality standards and longstanding customer relationships that generate repeat revenues. ADA International’s customer base ranges from independent hotels to international hotel chains in the three, four and five star segment. In addition to the hotel industry, ADA International also services cruise ships and airlines.

The Willkie team included partners Maximilian Schwab (Picture), Jan Wilms, Mario Schmidt and Susanne Zuehlke, national partners Dr. Bettina Bokeloh, and associate Martin Waskowski.

Involved fees earner: Maximilian Schwab – Willkie Farr & Gallagher; Jan Wilms – Willkie Farr & Gallagher; Mario Schmidt – Willkie Farr & Gallagher; Martin Waskowski – Willkie Farr & Gallagher; Susanne Zuehlke – Willkie Farr & Gallagher; Bettina Bokeloh – Willkie Farr & Gallagher;

Law Firms: Willkie Farr & Gallagher;

Clients: Ardian;