Cosmetics major L'Oréal has bought France's oldest soap business Cadum, marking a six-times exit multiple for vendor Milestone Capital Partners.
Milestone, an Anglo-French private equity house, put €17.5m into Cadum in 2007 and has now sold it on to L'Oréal for €100m.
Created in 1907, Cadum produces baby products, shower gels and soaps and has seen its sale surge in the last five years.
Since Milestone's 2007 buyout, turnover has grown from €16m to €58m, spurred by new product launches. Some €49m of that revenue came from France, primarily from its Cadum brand, but also its Cleopatra and Donge ranges.
Cadum was scooped up by Colgate-Palmolive in the 1950s, the US multinational selling the subsidiary off in 2003.
The soap maker was Milestone's first deal. Rather than adopting a typical ten-year fund model, the firm uses an annual deal funding approach.