Dennis Bastas Acquires Nude By Nature and Makeup Cartel for $60 Million

Australian billionaire and Rich Lister Dennis Bastas has expanded his business portfolio by acquiring two notable beauty brands, Nude By Nature and Makeup Cartel, for a combined value of $60 million. This strategic move is set to enhance his newly formed consumer health and beauty enterprise, VidaCorp, which already includes prominent brands such as MCoBeauty, MyAura, Brutal Truth, and SkinB5.

Transaction Snapshot

  • Deal Value: $60 million
  • Deal Type: Acquisition
  • Acquirer: Dennis Bastas

Dennis Bastas, known for his success in the pharmaceutical industry with Arrotex Pharmaceuticals, is leveraging his experience to build a presence in the beauty sector. Bastas's vision for VidaCorp involves leveraging the marketing capabilities and distribution networks established by his existing brands to elevate the newly acquired ones.

Nude By Nature, sold by Crescent Capital Partners, has positioned itself as an affordable and natural makeup brand. With plans to expand into baby and teen skincare products, the brand's projected sales for this financial year are over $41 million, showing significant growth from $33.9 million.

Evette Hess, founder of Makeup Cartel, will continue to lead the brand under the new ownership. Makeup Cartel, known for its brands like PONi Cosmetics and esmi Skin Minerals, was sold by Point King Capital with advice from Lempriere Wells. Forecasting a revenue of $26 million and an EBITDA of $7 million in fiscal 2024, the brand boasts a high repeat order rate and is expanding its distribution through Sephora and independent boutiques.

Sandy Mellis, CEO of VidaCorp and chief commercial officer of DBG Health, expressed optimism about the potential of these acquisitions in the global market, noting their strong performance in Australia and significant international prospects.

This acquisition comes amidst a booming beauty sector, highlighted by notable transactions such as L’Oréal's $3.7 billion purchase of Aesop and the $450 million deal between Bondi Sands and Japanese conglomerate, Kao. VidaCorp, a subsidiary of DBG Health and part of Mr. Bastas's diverse business portfolio, is set to launch MCo in 2500 Kroger stores in the US and is planning a European expansion by 2025.

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