Avista Capital to invest in Vision Healthcare with VHC Investco and management

Avista and VHC Investco/company management will each hold a 50 percent ownership stake in the company.

Avista Capital Partners to acquire a stake in direct-to-consumer-healthcare-focused Vision Healthcare NV, alongside VHC Investco and company management. Avista and VHC Investco/company management will each hold a 50 percent ownership stake in the company. The deal, expected to close later this year, values Vision Healthcare at $336 million, inclusive of contingent payments.

Press Release

Avista Capital Partners (“Avista”), a leading healthcare private equity firm, along with VHC Investco and company management, today announced the acquisition of Vision Healthcare NV (“Vision”), one of Europe’s fastest-growing omni-channel and direct-to-consumer healthcare companies. Avista and VHC Investco/Management will each hold a 50% ownership interest in Vision. The transaction values Vision at an aggregate value of €305 million (approximately $336 million), inclusive of contingent payments. The transaction is subject to customary competition authority review and is expected to close later this year.

Vision Consumer Health is a Belgium-based consumer healthcare platform with sales and operations across continental Europe. Vision owns and markets a large branded portfolio of self-care and over-the-counter products. The company goes to market with an omni-channel approach, with a specific focus and expertise in the online and direct-to-consumer channels. Founded in 2017, Vision has grown rapidly since inception, through the combination of a successful buy-and-build strategy and strong organic growth in its direct-to-consumer businesses.

With Avista as the company’s new financial partner, Vision embarks on the next stage of its strategic journey. The partnership enables the company to realize further rapid growth and make additional investments which leverage its differentiated direct-to-consumer business model. This transaction and the combined expertise of both partners also allows Vision to grow geographically and expand its acquisition strategy into the global direct-to-consumer healthcare market. Avista and the other Vision shareholders are prepared to commit significant further capital to help Vision realize its growth ambitions.

Yvan Vindevogel, Founder and CEO of Vision Healthcare NV, said: “We are extremely proud to announce this partnership with Avista, and would especially like to welcome Thompson Dean (Co-CEO of Avista), with whom I had, as of the first meeting, a common understanding of where our business and the consumer healthcare sector is going. The paradigm shift of preventive health solutions and direct-to-consumer experiences is happening fast in our consumer healthcare space and has only been accelerated by the changes, complexities and opportunities COVID-19 has brought along. Vision is well positioned to take advantage of these dramatic changes, especially now, with the support of strong (financial) partners. We are looking to recruit the best people in technology, direct-to-consumer marketing and consumer products, in order to realize our ambitious vision.”

Mr. Vindevogel continued, “Although Vision’s search for a new partner to support its strong ambitions received significant interest from institutional investors all over the world, it soon became clear that Avista was the natural partner for Vision. As a healthcare focused private equity fund, Avista combines the financial know-how and resources of a traditional private equity firm, with deep industry expertise given its healthcare focus and established investment history in the consumer healthcare sector. Avista’s presence in North America will also aid Vision Consumer Health to further grow our footprint and accelerate our plans to expand in the region through targeted acquisitions.”

Thompson Dean, Co-CEO of Avista Capital Partners, said: “We are excited to partner with Yvan Vindevogel and the Vision team. Avista will be a strong partner for Vision, providing operational guidance and financial resources, and leveraging our experience in the consumer healthcare sector to further propel the company towards its goal of becoming a leading omni-channel and direct-to-consumer healthcare company. We believe Vision is well-positioned in a growing consumer healthcare sector that has demonstrated resiliency in these unprecedented times. Avista stands ready to make further investments to support the company’s growth plans.”

Avista has historically made a series of investments in the consumer healthcare sector. Avista previously invested in Trimb Healthcare, a Northern European consumer healthcare company, which under Avista’s ownership executed a successful buy-and-build strategy to become one of the leading consumer healthcare companies in Northern Europe, prior to its acquisition by Karo Pharma. Avista is currently invested in Arcadia Consumer Healthcare, a fast-growing North American consumer healthcare platform and a recognized leader in over-the-counter medicines.


Ropes & Gray provided legal counsel to Avista Capital Partners. Rothschild & Co acted as financial advisor to Vision Healthcare and Allen & Overy provided legal counsel.


Vision Healthcare is an independent and ambitious player active in the consumer healthcare sector where it holds a large and diversified portfolio of self-care and OTC brands available across several European countries. Vision Healthcare strongly focuses on an omni-channel approach through which its brands are marketed, with particular in-house strength on the emerging digitalized and direct-to-consumer channels. Vision Healthcare is actively pursuing a buy-and-build strategy, operating as a consolidator in the European landscape and beyond, allowing group companies to benefit from a shared back-end platform allowing fast and sustainable organic expansion. The group currently employs over 280 people. For more information, please visit www.visionhealthcare.eu.


Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $6 billion invested in more than 35 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices and technologies, pharmaceuticals, outsourced pharmaceutical services, distribution and consumer-driven healthcare sectors. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For more information, visit www.avistacap.com.