JB Capital has reached an agreement with Dr. Gabriel Serrano to acquire a 50% stake in Grupo Sesderma, the parent company of the Sesderma, Mediderma and Dermopartners brands, in a transaction that includes a €40 million equity injection to support the company's next stage of growth.
As part of the transaction, the group has also completed a full refinancing of its financial debt through a flexible, long-term capital structure provided by pan-European investment manager Kartesia, which has also acquired a minority equity stake in the company.
The agreement includes a commitment by the shareholders to support further investments aimed at accelerating the group's development, with a particular focus on attracting top industry talent, expanding and enhancing its product portfolio, strengthening the brand, and further improving service quality in the pharmacy channel.
With this transaction, Grupo Sesderma completes its financial restructuring and establishes a capital structure designed to support an ambitious long-term growth and international expansion strategy.
A New Management Phase
Following the completion of the transaction, Dr. Gabriel Serrano Sanmiguel will continue to lead the group's scientific, medical and research & development activities, while JB Capital will assume operational management of the company and drive further professionalization through the appointment of a new senior management team.
In addition, a new Board of Directors will be established to strengthen corporate governance and reinforce key functions including internal audit, regulatory compliance and corporate compliance.
Growth Strategy in Spain and International Expansion
The transaction comes at a time of strong global growth in the dermocosmetics market, driven by increasing consumer demand for scientifically backed, high-value skincare solutions.
To capitalize on these favorable market dynamics, Sesderma will implement a growth strategy focused on two key geographic pillars. In Spain, the company will strengthen its core commercial channels by further consolidating its long-standing relationships with dermatologists, healthcare professionals, pharmacies and other key prescribers.
Internationally, the group will accelerate its global expansion by leveraging its established platform, which already spans more than 90 countries and includes over 20 operating subsidiaries, with a particular focus on the fastest-growing markets.
Grupo Sesderma enters this new phase after closing fiscal year 2025 with approximately €140 million in revenue and EBITDA of around €25 million.
KPMG acted as financial advisor to JB Capital and Kartesia, while L.E.K. Consulting, Herbert Smith Freehills, Cuatrecasas and A&O Shearman also advised on the transaction. The founder was advised by You Are Capital, Carpa Abogados and Vitruvio Consultores.
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