The Belgium-based Vision, an omni-channel and direct-to-consumer healthcare company, is to be 50% owned by both firms. Having been founded in 2017, The company markets a range of self-care and over-the-counter products, with brands including Purasana, Bio-Oil, Vogue Cosmetics and Vitality Nutritionals.
Yvan Vindevogel, Founder and CEO of Vision Healthcare NV, said in a press release: "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."
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Subject to the usual approvals, the deal is expected to close later in the year. The companies said the partnership would enable further growth to new areas and fund new acquisitions in the direct-to-consumer healthcare market.
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."