ArchiMed’s health ingredients developer, Fytexia, acquires leader in the extraction and refinement of compounds produced by bees.

The buy-and-build purchase boosts group sales some 40 percent and expands health nutrient research & development for the food industry.

Fytexia, a key platform company owned by private equity healthcare specialist ArchiMed, has acquired Milan, Italy-based B Natural, Europe’s leader in the extraction, refinement and commercialization of propolis – a bee-generated compound with multiple health benefits. Bees use propolis for hive construction.

Based in Béziers, France, Fytexia develops and distributes clinically proven natural ingredients used in food supplements throughout the world. Fytexia’s nutrients are derived from botanic polyphenols, a type of antioxidant found in plants, vegetables and fruits. Antioxidants inhibit chemical reactions that damage the cells of organisms. They can reduce and neutralize risk factors associated with an exceptionally wide range of health problems, including those linked to immune systems, metabolic regulation, the cardiovascular system and obesity. B Natural’s cutting-edge propolis products contain insect derived polyphenols. They have similar health benefits to botanic polyphenols and are complementary.

“B Natural is a perfect fit when it comes to expanding beyond our range of botanic-focused products,” says Fytexia CEO Matthieu Arguillère. “With our companies joining forces, backed by ArchiMed’s financial strength and global network, we’ll commercialize compounds for an ever-widening range of health applications.” “Partnering with Fytexia and ArchiMed is fantastic,” says B Natural CEO Gianluca Imbriani. “This deal allows us to expand into new geographies and benefit from exceptionally well-funded research and development.”

The B Natural acquisition was sourced by ArchiMed’s MedTalents network (over 200 ArchiMed-associated senior healthcare professionals spread throughout the world who identify, facilitate and advise on deals and counsel portfolio companies). Given the strong cash-flow profile of Fytexia, the acquisition was funded with a significant amount of debt. B Natural will increase overall group sales by some 40 percent.

“We’ve brought two of the most scientifically advanced players in the health ingredients industry under one roof,” says Archimed Partner Robin Filmer-Wilson. “That’s a potent combination – whether you’re talking investment potential or health benefits.”

Under ArchiMed’s ownership, Fytexia has increased sales some 20 percent annually over the past three years, while earnings before interest, tax, depreciation and amortization have risen four-fold. ArchiMed acquired Fytexia in 2016 through its MED I fund, which raised €150 million in 2015.


About ArchiMed –

ArchiMed is a leading private equity firm focused exclusively on the healthcare industry. ArchiMed serves as strategic and financial partner to European and North American small and middle-market businesses in targeted segments of healthcare, including pharmaceuticals, medical devices & technology, healthcare IT and consumer health. ArchiMed bases its strategy upon integrated private equity, medical and operating expertise, and its unique trans-Atlantic platform that supports growth through internationalization. Over the last 20 years, ArchiMed’s leadership team has directly managed and invested in over 40 small to large-size healthcare companies globally, representing over €5 billion of investment. ArchiMed manages nearly €2 billion in assets across four funds, small-cap-focused MED I and MED II, gene & cell therapy-focused PolyMED and mid-cap-focused MED Platform I. The latter is Europe’s largest healthcare fund at €1 billion. MED I is the top performing buyout fund on a global level for the 2014 vintage, returning in excess of six times invested capital on a gross basis. ArchiMed is an impact investor and a signatory of the Principles for Responsible Investment, pledged to uphold the United Nations’ Sustainable Development Goals.

Press Contacts

France: Stéphanie du Ché, +33 (0)6 16 36 11 08

International: David Lanchner,, +33 (0)6 33 43 50 76