HSN is a manufacturer / processor and distributer of functional milk powders and infant nutrition / formula.

HSN operates through two business units; Infant Nutrition, where it produces and distributes infant formula / powder, both on a branded and private / white label basis and; Food Solutions, where it produces and supplies milk powder, condensed milk etc. into food manufacturers, in particular, leading chocolate manufacturers e.g. Lindt, Mondelez.

Switzerland accounts for c. 70% of HSN’s sales and the Middle East & North Africa, c. 20%. HSN exports c. 8k tonnes of milk powder pa. to c. 45 countries and its infant formula is consumed by c. 1m babies worldwide per day.

In December 2024, Switzerland based PE group AS Equity Partners, acquired 100% of HSN from its heavily indebted parent company. AS funded part of the consideration through a bridge loan that was due to be repaid in December 2025. To fund this repayment, AS raised new equity capital from investors.

Penta invested as part of this transaction.