Private equity company PAI Partners has acquired a majority stake in Italian hair care platform Beautynova from current owner Bluegem Capital Partners.
Beautynova’s portfolio of brands includes Milk_Shake, Z.one Concept and Medavita, while it also develops professional hair care products across shampoos, conditioners, colouring and styling products.
The terms of the deal were not disclosed, but it will see PAI become a majority shareholder in the company, while Bluegem will maintain a “significant” stake.
PAI will work with Beautynova to further develop its brands and expand its global presence.
PAI stated that it will leverage its experience in the consumer sector to help the company adapt to global trends and accelerate growth across its major markets including the US and Europe.
“Emilio [Di Spiezio Sardo, Bluegem Founding Partner] and Bluegem have been a true partner, bringing unwavering support for our innovative vision and enabling meaningful growth,” said Beautynova CEO Stefano Banfo.
“Over the last four years, the company has strengthened the senior management team and invested in state-of-the-art production facilities, world-class ERP systems and innovative product development, ensuring we have the resources and expertise to push boundaries and set new industry standards."
Beautynova said that it has more than tripled its sales since being acquired by Bluegem in 2020, expanding its reach in markets such as the US which today is said to make up 18% of the company’s sales.
The company was created when Bluegem subsidiary Pool Service merged with Italian brand owner Panzeri Diffusion.
A former owner of department store Liberty London, Bluegem’s portfolio includes beauty brand ICONIC London and German skin care specialist QMS Medicosmetics.