PAI Partners to acquire majority stake in Beautynova from Bluegem for $544m

Private equity firm PAI Partners has agreed to acquire a majority stake in Beautynova, a leading haircare products holding company, from Bluegem Capital Partners. The acquisition will be made through PAI's fund dedicated to mid-market opportunities.

Transaction snapshot

  • Deal value: €330m (AU$544.3m)
  • Deal multiples: N/A
  • Deal type: Majority stake acquisition
  • Investors: PAI Partners (majority), Bluegem and co-investors (significant minority)

Upon completion, PAI will be the majority shareholder owning a controlling stake, with Bluegem maintaining a significant shareholding alongside a syndicate of Bluegem co-investors.

Headquartered in Milan, Italy, Beautynova owns a premium portfolio of brands, including milk_shake, z.one concept, and Medavita. The company is also a leading developer of professional haircare products across hair treatment, colouring, and styling, with over 18,000 formulas. Beautynova exports to more than 70 countries, generating 70% of revenues outside Italy, mainly in the US and Europe, through professional and consumer channels.

Under Bluegem's ownership since 2020, Beautynova has evolved into a leading professional haircare platform, more than tripling its sales and experiencing substantial geographical expansion, with a particular focus on the US, which now generates 18% of the company's sales.

PAI, together with Bluegem, will support Beautynova and its management team in achieving its growth strategy of further developing its brands. PAI, which has completed 38 buyouts in the Food & Consumer sector since inception, will draw on its significant experience in the sector to help Beautynova continue to adapt to evolving consumer trends.

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