between the players they integrate and to gain better control of the value chain. The agri-food and pharmaceutical in- dustries have what it takes to pre-empt this market. Theyare attracted by brands that generate around several tens of$ 4,200 billion million euros in sales. But there are also companies with a sales turnover of around ten million euros that generate an Global well-being market estimates (Global Wellness Institute, 2018) EBIDTA of three million euros. These are profitable, valuable “gems”. From 10- to 15 Actif’s Mag: You have precisely mentioned this fold the EBIDTA value. The assessed value for divestment purposes EBITDA value, which is THE reference setting the value of a company operating in the food supplement industry. of a company. Is it that simple in the field of food supplements? What elements allow calculating the real ‘value’ of a brand or company? Ludovic Beaulieu: EBIDTA is used to calculate as simply as possible the ‘value’ of a company. In fact, a brand or a the elements that influence the value of a company, there company may be valued and even divested for an EBITDA is its capacity to have a good product distribution. In other multiple amount. The ideal value of a company relies on its words, a good numeric distribution, a concept that is rele- growth prospects and on the investments it makes. Among vant to the pharmaceutical industry. In the same way, the larger a company is, the more it relies on solid foundations, and the higher the EBITDA multiplica- tion factor for calculating its value will be. Entrepreneur par nature, Ludovic Beaulieu a notam- Sometimes, certain companies do not have all these ‘ingre- ment fondé Première Ligne, force de vente spéciali- dients’ nor the assets to be valued in a simple way. Either sée dans la commercialisation de produits de santé because they are young, of small size etc. Their valuation will vers les pharmacies (la société Phytea s’est lancée therefore be more complex. In this situation, as a business pour devenir en quelques années l’un des leaders banking firm, we step in to identify the assets of the com- du marché des compléments alimentaires), avant pany. Thus, a business banking firm acts as a ‘super’ project sa cession à la CERP Rouen (Astera). Il a ensuite manager able to look for those ‘hidden gems’ of a company. co-créé, avec Antoine Lemaire (également Partner d’Oaklins France), Kross Partner, une structure de Actif’s Mag: Apart from EBITDA, which are the conseil en fusions / acquisitions et les levées de ca- elements that are important for you when determining pitaux, concentrée sur un seul secteur, le bien-être. the value of a company? Kross Partner a par la suite rejoint Oaklins France. Ludovic Beaulieu: To use your own words, CSR and natu- Ludovic Beaulieu a étudié la finance d’entreprise à ralness are value elements that match very well the food sup- l’université de Reims Champagne et est diplômé en plement sector. They are therefore increasingly taken into sciences économiques. account when assessing a company. I would like to stress a particular aspect: I had mentioned earlier the ability to have control over the value chain. This is a relevant concept as it reflects the willingness of a com- An innate entrepreneur, Ludovic Beaulieu is the one pany to consolidate its assets. Thus, if a company has its who founded Première Ligne, a sales force specia- own production facility, its value will currently grow while, lizing in the marketing of healthcare products in a few years ago, this didn’t mean anything. Given the cur- pharmacies (in only a few years after its launch, rent Covid pandemic, having one’s own industrial equip- Phytea became one of the food supplement mar- ment is an important asset as this latter allows the company ket leaders), which was subsequently divested to to have control over its supply. The value of a company ha- CERP Rouen (Astera). Then, together with Antoine ving its own production facility is nowadays increased. This Lemaire (who is also a Partner of Oaklins France), explains the increasing number of investments and/or mer- he co-founded Kross Partner, an advisory firm spe- gers/acquisitions taking place among manufacturers. In cialised in mergers/acquisitions and capital raising a B2C context, it is this ability to have control over the va- for a single sector, that of well-being. Kross Partner lue chain that is particularly searched for currently. Brands, subsequently became part of Oaklins France. e-commerce websites, they all wish to acquire new ‘active Ludovic Beaulieu studied corporate finance at the ingredients’ and they are trying to penetrate new distribu- University of Reims Champagne and graduated in tion channels, to expand their ranges etc. • economics. Comments collected by Philippe Millet #76 trohs nI - sserpxE oiB - 381 -GAM s’fitcA