The French specialist in cosmetics, health, and wellness continues its expansion with the integration of Slovenia’s HCG, a European leader in dietary supplements and nutraceutical solutions. This strategic move underscores ANJAC’s accelerated growth in the “Beauty & Health” segment, a rapidly expanding European market. AURIS Finance, a leading advisory firm in mergers and acquisitions, provides an in-depth analysis.
In mid-November, ANJAC announced its acquisition of HCG (Health Chain Group), a European company specializing in dietary supplements. Headquartered in Slovenia, HCG stands out for its integrated model, controlling the entire value chain – “from ingredient to finished product.” The company’s product lines target several therapeutic areas: iron deficiency, women’s health, bone and joint health, and are available in various formats (liquids, capsules, powders, and soft gels). HCG operates through three entities (PharmaLinea, Hermes Consilium, ErgoPharma), combining R&D, manufacturing, scientific marketing, and regulatory support for major private-label clients.
A new strategic direction
With this acquisition, ANJAC embraces a more comprehensive approach to wellness, merging cosmetics and health. Originally built on industrial partnerships with cosmetic laboratories, the group has gradually expanded into care, hygiene, pharmacy, and now nutraceuticals (health through nutrients). The purchase of HCG complements this trajectory: the Slovenian company brings recognized expertise in formulation, clinical development, and the production of premium, science-backed dietary supplements. This creates a natural synergy with ANJAC’s advanced research and industrial capabilities, which include 24 production sites and a network of 17 expert companies.
New growth opportunities
HCG’s integration offers immediate growth potential for ANJAC. According to the group, the deal is expected to generate nearly €30 million in additional revenue, bringing ANJAC’s consolidated turnover to €800 million by the end of 2025. This move comes at an opportune time. In France, the dietary supplement market is booming, with two-thirds of French consumers regularly using such products in 2024. Across Europe, the sector’s total revenue is projected to reach $29 billion in 2025, with forecasts estimating it could grow to $51 billion by 2032 – an annual growth rate of nearly 8%.
Geographic expansion
The acquisition also unlocks new geographic opportunities. HCG’s Slovenian production site, backed by a €25 million investment plan, aims to triple its capacity by 2026. It will serve as a strategic hub for targeting Central Europe, the Middle East, and several dynamic Asian markets in the nutraceutical segment.
Our experts by your side
The ANJAC-HCG merger is part of a wave of consolidation in the nutraceutical sector in 2025, driven by surging demand for dietary supplements and wellness solutions. Earlier this year, French group Urgo acquired Vista-Life Pharma, a Belgian company specializing in the distribution of dietary supplements. More deals are expected in the coming months. AURIS Finance’s sector-specialized experts support you throughout your development project – from target identification to integration.
