Tue, 04 Sep 2018 | BUSINESS SALE
In a deal valued at roughly £60 million, online retailers The Hut Group (THG) has bought beauty product innovation and manufacturing company Acheson & Acheson in an attempt to expand within the industry.
A Somerset-headquartered company operating in a 78,000 sq ft facility in Frome, Acheson & Acheson has 380 members of staff to its name working on the research and development of numerous beauty products for a range of different labels. Two Wiltshire sites, specifically for packaging and distribution, also fall under the group’s ownership.
Its own skincare line – Ameliorate – is designed for those suffering from keratosis pilaris, and is sold worldwide in high-street retailers like Selfridges, Harvey Nichols, Space NK Apothecary and Liberty’s, as well as in Boots and Marks & Spencer’s.
The acquisition will mean that all of Acheson & Acheson’s divisions will be added to THG’s portfolio, and in return the company has pledged to spend £50 million to grow the Acheson & Acheson brand internationally.
Chief executive of The Hut Group, Matthew Moulding, said: “Acheson & Acheson is a truly exciting addition to THG and I am delighted to welcome this very talented team. In Acheson & Acheson, we have made a significant investment and one that uniquely positions THG to make a step-change in its innovation, operational excellence and manufacturing capacity.”
Earlier this year, THG bought translation company Language Connect and eye cosmetics business Eyeko in July and March respectively. This is in addition to its acquisitions in the previous year when THG purchased skincare line ESPA and beauty subscription service Glossybox.
Kenneth Acheson, one of the founders of Acheson & Acheson, believes that the acquisition “will no doubt take [the company] to the next level of growth”.
The deal was sourced and brokered by partners Tim Leach and Rob Halsall from Baylor Klein and was advised on the legal front by Paul Medlicott from Addleshaw Goddard. Advisors from EY and Deloitte were involved to provide financial and taxation due diligence services respectively.
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