Consumer healthcare company receives healthy dose of funding
Santander UK and Silicon Valley Bank are supporting Berkshire-based Venture Life with a £30m revolving credit facility to fund the company’s consumer healthcare growth strategy, following a successful equity raise in December 2020.
As part of its growth strategy, Venture Life has made six acquisitions of consumer healthcare companies/products. Since each of these acquisitions the company has expanded sales internationally as well as in the UK market, developed new line extensions, revitalised marketing strategies and brought the manufacturing of these products in house. The most recent acquisition is BBI Healthcare, which it bought earlier this month and has further diversified Venture Life’s product portfolio, which includes women’s intimate health, diabetes and sports performance products.
Founded in 2010, Venture Life manufactures and distributes non-prescription, over-the-counter consumer products in the self-care market. Its range of products includes oral care, proctology, women’s intimate health, diabetes/energy management, nail and foot care and more. In 2020, almost half of its revenue came from its own brands – including Dentyl and UltraDEX – sold in UK supermarkets, Boots and through Amazon, as well as through international distributors. The remainder of its revenue comes from white label products that it develops and manufactures for other consumer healthcare companies.
Venture Life’s products are sold globally and it has its own presence in the UK, Italy, Netherlands and Sweden. Venture Life’s successful growth strategy has culminated in revenues that have almost doubled between 2018 and 2020.
The company is headquartered in Bracknell, Berkshire and has a sales office in Breda, The Netherlands, and manufacturing and development plants in Lombardy, Italy and Gnesta, Sweden. In 2020, it quickly and effectively adapted to the pandemic, rapidly starting the production of hand sanitiser as an additional revenue stream. It also helped the community in North Lombardy, Italy by donating free supplies of sanitiser gel to local hospitals and pharmacies.
Jerry Randall, chief executive officer, Venture Life, commented: “Santander UK and Silicon Valley Bank invested the time to truly understand our business and strategy. Their knowledge of the sector, tailored approach and track record in supporting businesses like ours has enabled us to successfully move to the next stage of our growth journey.”
Rob Purdew, associate director, strategic debt solutions at Santander UK, said: “As a high-growth European consumer healthcare business with a well-executed international strategy, Venture Life is exactly the type of business that Santander UK is equipped to support. We’re pleased to act as agent and co-ordinator bank to provide this financial package to the company in support of its acquisition-led growth strategy and goal to create a broad portfolio of consumer healthcare brands.”
Jon Lavin, director, corporate credit solutions at Silicon Valley Bank said: “We are delighted to support Venture Life Group with new financing to support the group’s growth strategy. The company has a strong track record of developing successful consumer healthcare brands, both in the UK and internationally, and we look forward to working with management to build on this in the years ahead.”
