Kartesia partners with JB Capital on the investment in Grupo Sesderma
- The entry will be accompanied by an injection of 40 million euros of new capital into the company to accelerate its expansion and growth plan.
- An agreement has also been reached with Kartesia which, through a flexible capital solution, has refinanced the company’s liabilities by providing long-term capital that enables the group’s financial restructuring process to be completed.
- The agreement entails a distribution of roles within Grupo Sesderma, with Dr. Gabriel Serrano leading the scientific and R&D activity, the origin of the company’s success, and JB CAPITAL taking over operational management.
- The company closed the 2025 financial year with revenues of 140 million euros and EBITDA of 25 million euros.
23 July 2026. JB CAPITAL has reached an agreement with Dr. Gabriel Serrano for the acquisition of 50% of Grupo Sesderma (which includes Sesderma, Mediderma and Dermopartners brands). This agreement will be accompanied by the injection of 40 million euros of new capital into the company.
In addition, the Group has refinanced the entirety of its financial liabilities through a flexible capital solution with long-term maturity, provided by the pan-European asset manager Kartesia, which has additionally subscribed to a minority stake in the company’s capital.
This agreement also entails a commitment between the parties to finance investments geared towards the company’s growth and expansion plan: attracting the best talent in the sector, developing the product range, strengthening the brand and continuously improving service in the pharmacy channel.
Through this transaction, the Group successfully completes its financial restructuring process and establishes an optimal capital structure to undertake an ambitious long-term industrial plan.
New Management Structure
As part of this new phase, renowned dermatologist Dr. Gabriel Serrano Sanmiguel will continue to lead the Group’s scientific, medical and R&D division, which represents the core of the company’s historical success. Meanwhile, JB Capital will assume operational management of the Group and will work to further professionalize the organization through the appointment of a new, top-tier executive management team in the near term.
At the same time, a new Board of Directors will be established to implement the highest standards of corporate governance and best practices, strengthening key areas such as internal audit, regulatory and corporate compliance.
Business Plan Highlights
The transaction comes at a time of strong growth in the global dermocosmetics market (>6% CAGR through 2030, according to market data), driven by consumers increasingly seeking effective, scientifically validated, high value-added solutions.
To capitalize on this opportunity, Sesderma Group’s growth strategy will focus on two geographic priorities:
- Spain: where the company will undertake an unprecedented strengthening of its key commercial channels, reinforcing its long-standing relationships with the medical community, particularly dermatologists, the pharmacy network, and healthcare professionals.
- International: the Group will accelerate its international expansion through its already well-established global platform, which currently operates in more than 90 countries through over 20 operating subsidiaries, with particular emphasis on high-growth markets.
The company begins this new phase after closing fiscal year 2025 with approximately €140 million in revenue and €25 million EBITDA.
Dr. Gabriel Serrano Sanmiguel, founder of Sesderma Group, commented: “This partnership represents the ideal combination for Sesderma’s future and allows me to dedicate all of my effort and passion to what truly drives our success: cutting-edge scientific research and medical innovation. This new financial structure will strengthen our development capabilities so we can continue delivering the most advanced dermatological solutions to our customers around the world.”
Rafael Garabito, Managing Director and Head of Principal Investments at JB Capital, stated: “Sesderma Group is an exceptional company with a unique innovation-driven DNA based on nanotechnology and outstanding commercial strength. Our investment reflects a long-term industrial commitment aimed at accelerating the company’s expansion while fully preserving the valuable scientific legacy established by its founder.”
Transaction Perimeter
The Serrano family’s businesses outside the dermocosmetics sector (such as the Soficu Hotels division and the dermatology clinics) are not included in this transaction and will remain under the exclusive management of Dr. Serrano’s family holding company.
You Are Capital acted as financial advisor to the Serrano family, alongside Carpa Abogados and Vitruvio Consultores as legal and tax advisors. KPMG led the financial advisory and due diligence process on behalf of JB Capital and Kartesia, complemented by commercial due diligence carried out by L.E.K. Consulting. Legal advice for the transaction was provided by HSFK, Cuatrecasas, and Allen & Overy.
*****
H/Advisors
+44 (0) 7341 788 066