Puig acquires full ownership of Isdin for 1.2 billion euros

Madrid – Spanish fashion and beauty multinational the Puig Group is strengthening its position in the strategic dermo-cosmetics segment. It has formalised an agreement with the pharmaceutical company Esteve to acquire its 50 percent stake in the dermo-cosmetics and skincare brand Isdin. The transaction, valued at a total of 1.2 billion euros, will result in the company, chaired by Marc Puig, holding 100 percent of the dermatological company's share capital.

The deal undoubtedly marks a turning point for both the Puig group's business ecosystem and for Isdin itself. The company was founded in Barcelona around 1975 by the heads of the Puig and Esteve families. Since then, it has operated with equal backing from both family's respective business groups. This changed on Monday, September 14. In the mid-afternoon, after the markets closed, Puig informed the National Securities Market Commission (CNMV) that it had signed a purchase agreement to acquire the 50 percent of Isdin's capital held by the pharmaceutical company Esteve. This agreement will dissolve the joint venture under which Isdin has operated for over 50 years, paving the way for a new chapter under the full ownership of the Puig group. This new phase is expected to begin once the transaction is finalised, anticipated by the end of the first quarter of 2027.

“Isdin represents five decades of shared vision between the Puig and Esteve families,” stated Marc Puig, executive chairman of Puig, in a statement from the Spanish fashion and beauty multinational. “Together we have helped build a company with a unique position at the intersection of science and beauty. We are grateful to the Esteve family for their decisive contribution and for the trust that has characterised our collaboration. Puig is entering this new stage with a long-term commitment to Isdin, its people, its scientific culture and its future development.”

“Isdin is the result of an exceptional collaboration between two families who shared the ambition to improve skin health through science and innovation,” added Albert Esteve, chairman of the board of directors of Corporación Químico-Farmacéutica Esteve (CQFE). “We are proud of everything we have built together for over 50 years. This agreement has been reached with full confidence in Isdin's future under Puig's leadership and in CQFE's commitment to preserving and developing its industrial legacy in the health and medicine sector.”

Sales growth of +0.7 percent and a profit drop of -14 percent

According to the details shared about the transaction, Puig, which currently owns 50 percent of Isdin, will acquire the remaining 50 percent of the dermo-cosmetics company from Esteve for 1.2 billion euros. This is a fixed and final price. The owner of Carolina Herrera, Jean Paul Gaultier, Byredo and Rabanne will pay 900 million euros upon closing the deal. The remaining 300 million euros will be a deferred, fixed, final and interest-free payment, due in the first quarter of 2029.

Pending regulatory approvals, Isdin will continue to operate as it does now under its current governance structure until the transaction is closed. Once the acquisition is complete, Isdin's management will be fully supervised by Puig. The Spanish group will finance the purchase through a combination of its own resources and financial debt. They expect this to allow them to maintain a net debt of less than two times their adjusted EBITDA. Following the acquisition, the dermo-cosmetics firm will be fully integrated into Puig's corporate structure. For the last fiscal year ending December 31, 2025, the company reported net revenues of just over 647 million euros (+0.77 percent year-over-year growth). Its operating profit was 78.18 million euros (-26.59 percent), with a net profit of 56.69 million euros (-14.16 percent). The net book value was 141.67 million euros (+11.50 percent).

“The joint venture between the Esteve and Puig families laid the foundations on which Isdin has built its growth,” highlights Juan Naya, current chief executive officer of Isdin. “Building on this legacy, this new chapter provides Isdin with a solid platform for the future. Looking ahead, our focus remains the same. It is to drive science and innovation, serve healthcare professionals and consumers, and support the teams and partners whose talent and commitment have made Isdin's success possible.”

“Expanding our presence in dermo-cosmetics is a strategic priority for Puig,” stated Jose Manuel Albesa, chief executive officer of Puig. “Isdin is a unique company with a strong management team, a clear strategy and a distinct position in dermatology and skincare. Full ownership will provide Puig with the best platform to support its next phase of growth, strengthen our presence in dermo-cosmetics and continue to invest in the science, innovation and brand strength that have made Isdin a successful company. This transaction is fully aligned with our long-term ambition to consolidate our presence in skincare and to create value for all our stakeholders.”