Maven has invested in Covestus, the owner and operator of brands in the consumer healthcare and pharmaceutical products space.
Cheltenham-based Covestus is led by Dan Thomas, former Chief Corporate Development Officer at Alliance Pharma Plc, where he successfully executed more than 24 M&A transactions.
Throughout his time with the group, its revenue grew from c.£16 million to c.£170 million. Covestus completed its first acquisition in 2018 and its portfolio includes the brand Sweat Guard®, offering a portfolio of products to support sufferers of hyperhidrosis.
The transaction includes investment from Maven Investor Partners and SWIF Maven Equity Finance, part of British Business Bank's South West Investment Fund and managed by Maven.
The funding will support Covestus’ ambitious buy and build strategy and has enabled the acquisition of Probio7®, a probiotic food supplement brand with over thirty years of history as one of the UK’s leading and most trusted probiotic brands for supporting optimal gut health.
Covestus aims to build scale by creating a diversified group of high performing consumer health assets, with a particular focus on niche, high growth businesses which are often out of scope to the main mid-market consolidators
Dan Thomas, CEO at Covestus, said: “We look forward to working with the Maven team over the coming years, building and executing a clear strategy of targeted acquisitions to build scale for the group and a leading organisation in the South West. In partnership with Maven, we aim to deliver excellence and innovation in healthcare through brands that enhance health and wellbeing, shaped by digital commerce and best-in-class digital technology driven solutions, making a tangible impact on lives around the world.”
Jonathan Oliver, Investment Director at Maven, said: “Dan Thomas is an exceptionally experienced M&A professional, who has spent much of the last 20 years executing deals across the pharma and consumer health space. His early successes with Covestus continue a long track record of identifying attractive acquisitions and implementing successful and sustained value creation strategies. Covestus’ focus on smaller health and wellness brands where value can be added through active portfolio management sets it apart from many of its larger peers and Maven believes the new capital will help to accelerate growth initiatives and support Covestus in building a high-quality portfolio of growing consumer health and pharma assets.”
