Investment company Silverwood Brands PLC has acquired nail care brand Nailberry for £6m.
Nailberry, which trades under the name NBY London Ltd, was founded by entrepreneur Sonia Hully in 2013 and started life as a luxury nail bar in Chelsea, London.
It then transitioned into a premium range of ‘clean’ nail polishes, which focused on certified vegan, cruelty-free and halal branding, with its first collection launched in 2014.
Nailberry is best known for its L’Oxygéné formula, which uses a patented breathable technology designed to keep nails healthy, without compromising on colour, shine or longevity.
Silverwoods Brand PLC has conditionally acquired 100% of NBY London Ltd's share capital for an initial cash consideration of £6m.
The acquisition terms include a deferred consideration of up to an additional £4m payable in Silverwood shares, subject to achieving certain performance criteria dependent on sales and EBITDA growth over the next three years.
Hully, who will be staying on as director of Nailberry, commented: “I am very excited that Nailberry is joining the Silverwood family.
“I personally remain fully committed to the ethical principles upon which I developed the brand.”
Andrew Gerrie, Executive Director of Silverwood Brands, said: "Acquiring Nailberry gives us an opportunity to work with an amazing founder and businesswoman in Sonia Hully.
“We are looking forward to working with Sonia and the team at Nailberry to build the brand. We are very optimistic about the future for this business."
In 2021, Nailberry produced around £2m in revenue and the year before had entered into a retail partnership with Space NK.
London-based Silverwood Brands PLC regularly invests in consumer companies in the food, organic food, wellness, lifestyle and leisure sectors.