Charles Sternberg, Assistant Editor01.10.22
While the world continued to be disrupted in 2021 due to the Covid-19 pandemic, the always lively and never predictable beauty industry couldn’t afford to take a break. This year, companies rushed to meet the demands of consumers whose habits have morphed and whose daily needs and beauty preferences have been altered.
As a result, 2021 was marked by a number of beauty deals and acquisitions—big and small. From major global beauty companies like THG and L’Oréal to indies and suppliers, so much buying and selling took place this year that you might have missed some of the deals. That’s why Beauty Packaging has compiled a list of the most important ones, to keep you informed and up-to-date.
THG Purchases Dermstore from Target
(January 4) Target Corp. agreed to sell its online beauty and skin care business unit Dermstore to British e-commerce company THG Holdings for $350 million in cash.
Dermstore offers beauty products and cosmetics subscription services through an online platform and sells nearly 350 different brands in its product lineup. The brand has sales of about $200 million.
L’Oréal Acquires Takami Co.
(January 4) L’Oréal signed an agreement to acquire the Japanese company Takami Co., which develops and markets products licensed by the skincare brand Takami, owned by Doctor Hiroshi Takami, founder of two eponymous dermatological clinics in Tokyo.
L’Oréal also renewed a very long-term brand licensing agreement with Doctor Takami and signed a collaboration contract with the Takami clinics.
L’Oreal Acquires Stake in Gjosa
(March 24) L’Oréal purchased a minority investment in Swiss environmental tech startup Gjosa, which develops unique water-saving solutions.
L’Oréal and Gjosa have been working together since 2015 to optimize shampoo rinse technologies with the objective to save water. In 2018, L’Oréal and Gjosa announced the development of a shower head able to rinse shampoo with 1.5 liters of water (instead of the eight usually used). At CES in January 2021, L’Oréal and Gjosa presented the L’Oréal Water Saver, a sustainable haircare system for the salon and at-home beauty routine.
HatchBeauty Brands Acquires Trendalytics
(May 5) HatchBeauty Brands, a beauty and wellness incubator located in Los Angeles, California, acquired Trendalytics, a consumer analytics platform.
Trendalytics aggregates millions of signals across search and social platforms and algorithmically identifies the magnitude and longevity of consumer trends across the fashion and beauty industries to help its brand and retailer partners make more calculated buying decisions. This acquisition will strengthen HatchBeauty Brand's ability to help retailers identify consumer needs with even greater precision.
THG To Acquire Bentley Laboratories
(May 12) The Hut Group announced plans to acquire Bentley Laboratories, a prestige beauty developer and manufacturer, for $255 million, subject to regulatory approval.
THG is currently a customer of Bentley, which manufactures its Perricone MD brand. The acquisition will enable it to bring the production of Perricone and other THG brands in-house. It will also help the business to accelerate new product development.
Estée Lauder Increases Ownership in Deciem
(May 19) The Estée Lauder Companies Inc. completed the first phase of increasing its ownership in Deciem Beauty Group Inc., the Canadian-based, vertically integrated, multi-brand company.
The Estée Lauder Companies now owns approximately 76% of Deciem (up from 29%), and has agreed to purchase the remaining interests after a three-year period at a price that will be determined based on the future performance of Deciem.
The Beauty Health Company Acquires Four International Distributors for Hydrafacial
(June 24) The Beauty Health Company, parent entity of The HydraFacial Company, is expanding its global footprint with the pending or completed acquisitions of four international, third-party distributors for HydraFacial.
The total purchase price for the four distributors will be approximately $35 million, consisting of approximately $28 million in cash and $7 million in shares of the company’s Class A Common Stock.
The transactions, which are expected to be immediately accretive to earnings, and have closed or are expected to close in June 2021, further solidify the company’s direct presence in key international markets, including Germany, Australia, France and Mexico. Three of the acquisitions remain subject to customary closing conditions.
Givaudan Acquires 25% of b.kolormakeup & skincare
(July 1) Givaudan acquired 25% of b.kolormakeup & skincare’s shares, an Italian company specialized in developing and producing end to end products in makeup and skin care for Consumer Packaged Goods (CPG) and Luxury customers. By joining forces, Givaudan Fragrance & Beauty and b.kolor will leverage their respective capabilities to provide creative and unique products and integrated solutions to customers.
Function of Beauty Acquires Personalized Skin Care Company Atolla
(August 4) Function of Beauty, a leader in customizable hair, skin, and body care products, acquired Atolla, a personalized skin care company with a patented at-home skin care test and a data-driven product recommendation system that helps inform tailored formulations and regimens over time.
Both companies were founded by MIT graduates and share a common vision to revolutionize beauty through customization and data science. The acquisition will further Function of Beauty's skin care offering by combining the companies' complementary strengths.
Shiseido Sells 3 Iconic Brands
(August 25) Shiseido Americas, a subsidiary of Shiseido Company, is selling three of its iconic brands—BareMinerals. Buxom Cosmetics, and Laura Mercier—to private equity firm Advent International.
The newly formed company will be renamed AI Beauty Holdings Ltd., and Pascal Houdayer, will take over as chief executive officer. The closing was expected by the end of the year.
Crown Laboratories To Acquire Strivectin
(August 26) Crown Laboratories, a part of Hildred Capital Management's portfolio, is acquiring Strivectin from L Catterton. The transaction was expected to close by mid-September 2021.
StriVectin's products will become part of Crown's new Premium Skincare Division and will operate as a wholly-owned subsidiary of Crown Laboratories. The new division will also include sunless tanning brand Vita Liberata.
Coty Sells 9% Stake in Wella to KKR at a 50% Valuation Premium
(October 1) Coty Inc. made a definitive agreement to sell an approximate 9% stake in Wella, the German hair care company, to KKR in exchange for the redemption of approximately half of KKR’s remaining convertible preferred shares in Coty, reducing its total shareholding in the professional beauty company to approximately 30.6%.
The transaction reflects a 50% appreciation in Wella’s value since the closing of Coty’s 60% sale of Wella to KKR in December 2020, coinciding with the re-opening of global hair salons and the positive momentum in the Wella business.
The transaction will simplify Coty’s capital structure and result in an additional approximately $26 million in annual dividend cash savings, totaling $52 million in annual cash savings when combined with the KKR secondary share offering that closed in September.
NovaBay Pharmaceuticals Agrees to Acquire Skin Care Brand DermaDoctor
(October 4) NovaBay Pharmaceuticals Inc. entered into a definitive agreement to acquire DermaDoctor, LLC, a privately-held company that commercializes dermatologist-developed skin care products, for a purchase price of $15.0 million, comprised of $12.0 million in cash at closing and up to an additional $3 million in earnout payments contingent upon the DermaDoctor business achieving predetermined financial targets for the 2022 and the 2023 fiscal years.
LVMH Acquires French Perfume and Cosmetics Brand Officine Universelle Buly
(October 5) LVMH acquired Officine Universelle Buly, which specializes in perfumes and cosmetics. After having been supported and assisted for nearly four years by LVMH Luxury Ventures, a minority investment fund, it now joins the LVMH Group alongside its 75 other Maisons.
Relaunched in 2014 by Ramdane Touhami and Victoire de Taillac, Officine Universelle Buly 1803 (Buly) is a Parisian brand inspired by Jean-Vincent Bully, emblematic perfumer of the 19th century.
This new chapter in Buly’s history will allow the brand to pursue its growth and development, faithful to its unique expertise and personality, within a leader in luxury.
Highlander Partners Acquires Clean Beauty Brand RMS Beauty
(October 8) Highlander Partners L.P., a Dallas-based private investment firm, acquired RMS Beauty, a brand driving the industry shift to clean beauty.
Rose-Marie Swift founded her eponymous brand in 2009 after experiencing severe health issues. In her healing process and intensive research, she discovered that some of the toxic chemicals and heavy metals in her system were also found in many commonly used beauty products.
After rebuilding her own health, Swift realized she wanted to help other women claim their right to healthy, clean beauty and created the organic color cosmetic line. RMS brings the energy of raw, food grade, organic, and natural ingredients with life force to your skin.
Amorepacific Agrees to Purchase Minority Stake In K-Beauty Brand Cosrx
(October 13) Amorepacific entered a strategic partnership with Cosrx to acquire a 38.4% minority stake in the company for $153 million.
The deal makes Amorepacific the second largest shareholder of Cosrx. Together, the companies will pursue joint projects in various areas.
Cosrx, which was established in 2013, is a hypoallergenic skin care brand for sensitive skin. The company showed strong growth on the global stage led by hit products. It has launched in about 40 countries, including the US, Southeast Asia, Europe, China, and Japan, with overseas sales accounting for 80% of total sales.
Through this partnership, the two companies plan to share knowledge on targeting the global beauty market and create a strong synergy effect. To this end, both companies will be building a solid partnership in areas such as R&D, production infrastructure and product development.
MS Beautilab Acquires Gi Picco's Cosmetics
(October 21) MS Beautilab acquired Gi Picco’s Cosmetics, a makeup contract manufacturer.
The acquisition of Gi Picco’s Cosmetics strengthens MS Beautilab's product assortment and compliments its historical know-how.
Among the flagship technologies of Gi Picco’s, is their Top Injection, which makes it possible to formulate powders from a mix of solid and liquids. “This allows for a more creamy, luxurious and luminous formula, which is higher in iridescence than pressed powders,” says Irene Inguaggiato, general manager of Gi Picco’s.
This merger provides MS Beautilab three make-up and skincare R&D laboratories (located in France, Italy and Switzerland), four production sites including the Czech Republic, and a new “to be unveiled” venture.
Waldencast Acquisition Corp. to Acquire Obagi and Milk Makeup
(November 15) Waldencast Acquisition Corp., a special purpose acquisition company founded by two former L’Oréal execs, entered into definitive simultaneous business combination agreements with skin care brand Obagi and award-winning makeup and skin care brand Milk Makeup.
The approximately $1.2 billion three-way transaction is a first step in Waldencast’s strategy to create a global best-in-class multi-brand beauty and wellness platform.
L’Occitane Acquires A Majority Stake in Sol de Janeiro
(November 15) L’Occitane Group acquired a majority stake in Sol de Janeiro. L’Occitane will acquire an 83% indirect interest in Sol de Janeiro, based on a valuation of $450 million.
Upon closing, Sol de Janeiro will become a majority-owned subsidiary of the Group. The transaction was expected to close by the end of the year.
Sol de Janeiro views L’Occitane as uniquely positioned to accelerate its already explosive growth trajectory, while strengthening the brand’s commitment to sustainability.
The acquisition will allow the Sol de Janeiro brand vision and team to remain intact, while leveraging L’Occitane's international presence.
Edgewell Personal Care Acquires Billie Inc. for $310 Million
(November 30) Edgewell Personal Care Company acquired Billie Inc., a U.S. based consumer brand company that offers personal care products for women, in an all-cash transaction at a purchase price of $310 million, subject to customary adjustments.
About Billie
Founded in 2017, Billie is a fast growing, digitally native, direct-to-consumer brand focused on providing women with high-quality shaving and premium body care products.
Its current product portfolio includes razors, shaving cream, make up wipes, body lotion, lip balms, dry shampoo and body wash. Billie's strong direct-to-consumer and digital capabilities have underpinned its strong growth, positioning the brand well for its initial expansion into U.S. brick-and-mortar retail in early 2022.
The Billie brand complements and strengthens Edgewell's position in the women's shaving category, by adding to a portfolio of strong brands such as Schick Intuition, Hydro Silk and Skintimate.
Galderma to Acquire Alastin Skincare
(November 30) Galderma, an independent dermatology company, signed a definitive agreement to acquire Alastin Skincare Inc., a specialty aesthetics company dedicated to developing innovative and clinically-tested physician-dispensed skin care products.
Alastin’s premium skin care portfolio is fully incremental to and synergistic with Galderma’s integrated dermatology platform.
P&G to Acquire Hair Care and Lifestyle Brand, Ouai
(December 6) Procter & Gamble will acquire Ouai, a hair care and lifestyle brand. Company Founder Jen Atkins will remain with the company as chief creative officer. Colin Walsh will continue as chief executive officer.
A purchase price was not disclosed.
Since its inception in 2016, Ouai has expanded beyond hair care into candles, body care, fragrances and supplements. Like many other brands born in the past five years, Ouai relies on its loyal customers for input on product development. The brand has more than 4.2 million followers on Instagram and connects with them via surveys.
Orveon Acquires bareMinerals, Buxom & Laura Mercier from Shiseido
(December 7) Advent International closed its agreement with Shiseido Americas, and has formed a new affiliate, Orveon.
Orveon is the new owner of three of Shiseido Americas's iconic cosmetic brands—bareMinerals, Buxom and Laura Mercier.
Orveon plans to accelerate the growth of these brands by focusing on their quality, innovation and authenticity.
L’Oréal to Acquire Skin Care Brand Youth to the People
(December 9) L’Oréal signed an agreement to acquire California-based skin care brand Youth to the People.
Youth to the People was founded in Los Angeles in 2015 by two cousins, Greg Gonzalez and Joe Cloyes. The brand is inspired by their grandmother, Eva, who started a professional skin care line 40 years ago, utilizing plant extracts and innovative active ingredients. The brand’s growth has been supported by its investors, Sandbridge Capital, Strand Equity and Carisa Janes.
Youth to the People develops and markets high-performance skin care products known for formulas that combine premium vegan blends of superfood extracts and science.
Available in the U.S., Canada, Australia, and in select European countries, the brand is marketed through an omnichannel distribution – mix of D2C e-commerce and selective distribution.
According to L’Oréal, the brand was expected to record over $50 Million of sales in 2021.
Eurazeo Acquires Controlling Stake in Clean Beauty Brand Beekman 1802
(December 15) Eurazeo, a global investment group, agreed to acquire a controlling stake in Beekman 1802, a high growth clean beauty brand offering a line of premium skin care and body care products that leverage microbiome science and harness the benefits of goat milk.
Eurazeo is investing $62 million out of a total of $92 million to acquire a majority stake alongside co-investors Cohesive Capital Partners and the Cherng Family Trust.
Inter Parfums Enters Exclusive Licensing Agreement with Emanuel Ungaro Fragrances
(December 16) Through its newly created subsidiary Interparfums Italia, Inter Parfums Inc., entered into a 10-year exclusive global licensing agreement with Emanuel Ungaro for the creation, development and distribution of fragrances and fragrance-related products, under the Emanuel Ungaro brand.
The International Class 3 agreement, which includes a five-year renewal option, also encompasses home fragrance, skin care, cosmetics and travel amenities, and goes into effect on January 1, 2022.
Blackstone Growth Invests in Protective Skin Care Brand Supergoop!
(December 21) Blackstone Growth entered into a definitive agreement for a majority investment in Supergoop!, a protective skin care brand that puts SPF at the forefront.
The company, founded by former teacher and skin care industry pioneer Holly Thaggard, has enjoyed tremendous growth over the past five years given an increasing recognition of the importance of daily skin protection.
The investment will help fuel Supergoop!’s commitment to launch category-creating innovations; drive consumer behavior change through education and brand marketing; and expand the company’s national and global reach.
Verescence Acquires Majority Stake in Pacificglas
(February 26) Verescence, an expert in luxury glass packaging for the Perfumery and Cosmetics industries, acquired a majority stake in Pacificglas, a Korean leader for glass packaging in Cosmetics industries and a long-term partner of Amorepacific.
TricorBraun Announces Acquisition of NJ-Based SGB Packaging Group
(July 22) TricorBraun announced the acquisition of New Jersey-based SGB Packaging Group, Inc. The move strengthens TricorBraun’s presence in the cosmetics, skincare, fragrance, and personal care industries. In addition, the acquisition further expands TricorBraun’s global supplier network.
LG Acquires Majority Stake in Vegan Hair Dye Manufacturer Boinca
(September 8) LG Household & Healthcare purchased a 56% stake in Boinca, a California-based vegan hair dye manufacturer, at $100 million.
The purchase is intended to boost LG’s overseas hair care business and strengthen its competitiveness in the premium hair care product market.
Boinca owns high-end hair color dye brand Arctic Fox, which is popular among young customers thanks to its successful social media marketing and its opposition to animal testing. Furthermore, the vegan, semi-permanent hair dye brand is Amazon’s best-seller in its category.
Pretium Packaging Acquires Alpha Packaging
(September 21) Pretium Packaging L.L.C., a designer and manufacturer of packaging solutions backed by Clearlake Capital Group L.P. in partnership with management, signed a definitive agreement to acquire Alpha Consolidated Holdings Inc., a provider of sustainable packaging solutions to customers in the health and wellness, specialty food and beverage, home and personal care, and other sectors, from Irving Place Capital. Financial terms of the transaction were not disclosed.
TricorBraun To Acquire Cormack Packaging
(September 23) TricorBraun, North America’s largest distributor of primary packaging, entered into an agreement to acquire Cormack Packaging.
Cormack is an Australian family-owned business that spans three generations with over 80 years of packaging experience. The company primarily serves the food and beverage, pharmaceutical, personal care, industrial and household cleaning industries.
Airlite Plastics Acquires Cosmetic Specialties International
(October 4) Omaha-based packaging manufacturer Airlite Plastics acquired Cosmetic Specialties International (CSI), a U.S. manufacturer of cosmetic containers for the beauty and skin care industries.
Rohrer Corporation Acquires Coburn Carton Solutions
(October 5) Rohrer Corporation, a retail-packaging designer and manufacturer, closed the acquisition of Coburn Carton Solutions, a premier printer and folding carton converter.
The addition of Coburn to Rohrer strengthens Rohrer’s printed folding carton capabilities with the strengthening of structural design, addition of large-format printing, and expertise in folding and gluing. Coburn’s strength in folding cartons will be integrated into Rohrer’s broad paperboard packaging product offering across new and existing customers and new industries.
Silgan Holdings Acquires Unicep Packaging
(October 7) Silgan Holdings Inc., a supplier of sustainable rigid packaging solutions for consumer goods products, acquired Unicep Packaging.
As a Specialty Contract Manufacturer and Developer (SCMD) solutions provider, Unicep develops, formulates, manufactures and sells precision dosing dispensing packaging solutions, such as diagnostic test components, oral care applications and skin care products, primarily for the health care, diagnostics, animal health, oral care and personal care markets. It operates two manufacturing facilities located in Spokane, Washington and Sandpoint, Idaho and is projected to generate approximately $45 million in sales and approximately $18.3 million in adjusted EBITDA for 2021.
kdc/one to Acquire V Manufacturing & Logistics
(October 13) Knowlton Development Corporation (kdc/one) announced an agreement to acquire V Manufacturing & Logistics (VML), a manufacturer specializing in small batch beauty and personal care products, based in Walnut, CA. Financial terms have not been disclosed.
According to kdc/one, VML’s expertise in small batch formulation and manufacturing will enhance kdc/one’s ability “to offer end-to-end integrated solutions to fast growing beauty brands, enabling them to stay ahead of industry trends and efficiently bring products to market.” The introduction of a small run specialist to the network will also provide the necessary flexibility to offer personalized product capabilities to brands across the organization’s portfolio.
Rohrer Corporation Acquires Jay Packaging Group
(December 20) Rohrer Corporation, a retail-packaging designer and manufacturer, closed the acquisition of Jay Packaging Group, a premier specialty printing and thermoforming company.
The addition of Jay Packaging Group to Rohrer strengthens the combined capabilities of both companies in the areas of high-end printing and decorating, carded blister, thermoformed, and folded carton packaging.
As a result, 2021 was marked by a number of beauty deals and acquisitions—big and small. From major global beauty companies like THG and L’Oréal to indies and suppliers, so much buying and selling took place this year that you might have missed some of the deals. That’s why Beauty Packaging has compiled a list of the most important ones, to keep you informed and up-to-date.
Here are the biggest beauty deals and acquisitions of 2021:
THG Purchases Dermstore from Target
(January 4) Target Corp. agreed to sell its online beauty and skin care business unit Dermstore to British e-commerce company THG Holdings for $350 million in cash.
Dermstore offers beauty products and cosmetics subscription services through an online platform and sells nearly 350 different brands in its product lineup. The brand has sales of about $200 million.
L’Oréal Acquires Takami Co.
(January 4) L’Oréal signed an agreement to acquire the Japanese company Takami Co., which develops and markets products licensed by the skincare brand Takami, owned by Doctor Hiroshi Takami, founder of two eponymous dermatological clinics in Tokyo.
L’Oréal also renewed a very long-term brand licensing agreement with Doctor Takami and signed a collaboration contract with the Takami clinics.
L’Oreal Acquires Stake in Gjosa
(March 24) L’Oréal purchased a minority investment in Swiss environmental tech startup Gjosa, which develops unique water-saving solutions.
L’Oréal and Gjosa have been working together since 2015 to optimize shampoo rinse technologies with the objective to save water. In 2018, L’Oréal and Gjosa announced the development of a shower head able to rinse shampoo with 1.5 liters of water (instead of the eight usually used). At CES in January 2021, L’Oréal and Gjosa presented the L’Oréal Water Saver, a sustainable haircare system for the salon and at-home beauty routine.
HatchBeauty Brands Acquires Trendalytics
(May 5) HatchBeauty Brands, a beauty and wellness incubator located in Los Angeles, California, acquired Trendalytics, a consumer analytics platform.
Trendalytics aggregates millions of signals across search and social platforms and algorithmically identifies the magnitude and longevity of consumer trends across the fashion and beauty industries to help its brand and retailer partners make more calculated buying decisions. This acquisition will strengthen HatchBeauty Brand's ability to help retailers identify consumer needs with even greater precision.
THG To Acquire Bentley Laboratories
(May 12) The Hut Group announced plans to acquire Bentley Laboratories, a prestige beauty developer and manufacturer, for $255 million, subject to regulatory approval.
THG is currently a customer of Bentley, which manufactures its Perricone MD brand. The acquisition will enable it to bring the production of Perricone and other THG brands in-house. It will also help the business to accelerate new product development.
Estée Lauder Increases Ownership in Deciem
(May 19) The Estée Lauder Companies Inc. completed the first phase of increasing its ownership in Deciem Beauty Group Inc., the Canadian-based, vertically integrated, multi-brand company.
The Estée Lauder Companies now owns approximately 76% of Deciem (up from 29%), and has agreed to purchase the remaining interests after a three-year period at a price that will be determined based on the future performance of Deciem.
The Beauty Health Company Acquires Four International Distributors for Hydrafacial
(June 24) The Beauty Health Company, parent entity of The HydraFacial Company, is expanding its global footprint with the pending or completed acquisitions of four international, third-party distributors for HydraFacial.
The total purchase price for the four distributors will be approximately $35 million, consisting of approximately $28 million in cash and $7 million in shares of the company’s Class A Common Stock.
The transactions, which are expected to be immediately accretive to earnings, and have closed or are expected to close in June 2021, further solidify the company’s direct presence in key international markets, including Germany, Australia, France and Mexico. Three of the acquisitions remain subject to customary closing conditions.
Givaudan Acquires 25% of b.kolormakeup & skincare
(July 1) Givaudan acquired 25% of b.kolormakeup & skincare’s shares, an Italian company specialized in developing and producing end to end products in makeup and skin care for Consumer Packaged Goods (CPG) and Luxury customers. By joining forces, Givaudan Fragrance & Beauty and b.kolor will leverage their respective capabilities to provide creative and unique products and integrated solutions to customers.
Function of Beauty Acquires Personalized Skin Care Company Atolla
(August 4) Function of Beauty, a leader in customizable hair, skin, and body care products, acquired Atolla, a personalized skin care company with a patented at-home skin care test and a data-driven product recommendation system that helps inform tailored formulations and regimens over time.
Both companies were founded by MIT graduates and share a common vision to revolutionize beauty through customization and data science. The acquisition will further Function of Beauty's skin care offering by combining the companies' complementary strengths.
Shiseido Sells 3 Iconic Brands
(August 25) Shiseido Americas, a subsidiary of Shiseido Company, is selling three of its iconic brands—BareMinerals. Buxom Cosmetics, and Laura Mercier—to private equity firm Advent International.
The newly formed company will be renamed AI Beauty Holdings Ltd., and Pascal Houdayer, will take over as chief executive officer. The closing was expected by the end of the year.
Crown Laboratories To Acquire Strivectin
(August 26) Crown Laboratories, a part of Hildred Capital Management's portfolio, is acquiring Strivectin from L Catterton. The transaction was expected to close by mid-September 2021.
StriVectin's products will become part of Crown's new Premium Skincare Division and will operate as a wholly-owned subsidiary of Crown Laboratories. The new division will also include sunless tanning brand Vita Liberata.
Coty Sells 9% Stake in Wella to KKR at a 50% Valuation Premium
(October 1) Coty Inc. made a definitive agreement to sell an approximate 9% stake in Wella, the German hair care company, to KKR in exchange for the redemption of approximately half of KKR’s remaining convertible preferred shares in Coty, reducing its total shareholding in the professional beauty company to approximately 30.6%.
The transaction reflects a 50% appreciation in Wella’s value since the closing of Coty’s 60% sale of Wella to KKR in December 2020, coinciding with the re-opening of global hair salons and the positive momentum in the Wella business.
The transaction will simplify Coty’s capital structure and result in an additional approximately $26 million in annual dividend cash savings, totaling $52 million in annual cash savings when combined with the KKR secondary share offering that closed in September.
NovaBay Pharmaceuticals Agrees to Acquire Skin Care Brand DermaDoctor
(October 4) NovaBay Pharmaceuticals Inc. entered into a definitive agreement to acquire DermaDoctor, LLC, a privately-held company that commercializes dermatologist-developed skin care products, for a purchase price of $15.0 million, comprised of $12.0 million in cash at closing and up to an additional $3 million in earnout payments contingent upon the DermaDoctor business achieving predetermined financial targets for the 2022 and the 2023 fiscal years.
LVMH Acquires French Perfume and Cosmetics Brand Officine Universelle Buly
(October 5) LVMH acquired Officine Universelle Buly, which specializes in perfumes and cosmetics. After having been supported and assisted for nearly four years by LVMH Luxury Ventures, a minority investment fund, it now joins the LVMH Group alongside its 75 other Maisons.
Relaunched in 2014 by Ramdane Touhami and Victoire de Taillac, Officine Universelle Buly 1803 (Buly) is a Parisian brand inspired by Jean-Vincent Bully, emblematic perfumer of the 19th century.
This new chapter in Buly’s history will allow the brand to pursue its growth and development, faithful to its unique expertise and personality, within a leader in luxury.
Highlander Partners Acquires Clean Beauty Brand RMS Beauty
(October 8) Highlander Partners L.P., a Dallas-based private investment firm, acquired RMS Beauty, a brand driving the industry shift to clean beauty.
Rose-Marie Swift founded her eponymous brand in 2009 after experiencing severe health issues. In her healing process and intensive research, she discovered that some of the toxic chemicals and heavy metals in her system were also found in many commonly used beauty products.
After rebuilding her own health, Swift realized she wanted to help other women claim their right to healthy, clean beauty and created the organic color cosmetic line. RMS brings the energy of raw, food grade, organic, and natural ingredients with life force to your skin.
Amorepacific Agrees to Purchase Minority Stake In K-Beauty Brand Cosrx
(October 13) Amorepacific entered a strategic partnership with Cosrx to acquire a 38.4% minority stake in the company for $153 million.
The deal makes Amorepacific the second largest shareholder of Cosrx. Together, the companies will pursue joint projects in various areas.
Cosrx, which was established in 2013, is a hypoallergenic skin care brand for sensitive skin. The company showed strong growth on the global stage led by hit products. It has launched in about 40 countries, including the US, Southeast Asia, Europe, China, and Japan, with overseas sales accounting for 80% of total sales.
Through this partnership, the two companies plan to share knowledge on targeting the global beauty market and create a strong synergy effect. To this end, both companies will be building a solid partnership in areas such as R&D, production infrastructure and product development.
MS Beautilab Acquires Gi Picco's Cosmetics
(October 21) MS Beautilab acquired Gi Picco’s Cosmetics, a makeup contract manufacturer.
The acquisition of Gi Picco’s Cosmetics strengthens MS Beautilab's product assortment and compliments its historical know-how.
Among the flagship technologies of Gi Picco’s, is their Top Injection, which makes it possible to formulate powders from a mix of solid and liquids. “This allows for a more creamy, luxurious and luminous formula, which is higher in iridescence than pressed powders,” says Irene Inguaggiato, general manager of Gi Picco’s.
This merger provides MS Beautilab three make-up and skincare R&D laboratories (located in France, Italy and Switzerland), four production sites including the Czech Republic, and a new “to be unveiled” venture.
Waldencast Acquisition Corp. to Acquire Obagi and Milk Makeup
(November 15) Waldencast Acquisition Corp., a special purpose acquisition company founded by two former L’Oréal execs, entered into definitive simultaneous business combination agreements with skin care brand Obagi and award-winning makeup and skin care brand Milk Makeup.
The approximately $1.2 billion three-way transaction is a first step in Waldencast’s strategy to create a global best-in-class multi-brand beauty and wellness platform.
L’Occitane Acquires A Majority Stake in Sol de Janeiro
(November 15) L’Occitane Group acquired a majority stake in Sol de Janeiro. L’Occitane will acquire an 83% indirect interest in Sol de Janeiro, based on a valuation of $450 million.
Upon closing, Sol de Janeiro will become a majority-owned subsidiary of the Group. The transaction was expected to close by the end of the year.
Sol de Janeiro views L’Occitane as uniquely positioned to accelerate its already explosive growth trajectory, while strengthening the brand’s commitment to sustainability.
The acquisition will allow the Sol de Janeiro brand vision and team to remain intact, while leveraging L’Occitane's international presence.
Edgewell Personal Care Acquires Billie Inc. for $310 Million
(November 30) Edgewell Personal Care Company acquired Billie Inc., a U.S. based consumer brand company that offers personal care products for women, in an all-cash transaction at a purchase price of $310 million, subject to customary adjustments.
About Billie
Founded in 2017, Billie is a fast growing, digitally native, direct-to-consumer brand focused on providing women with high-quality shaving and premium body care products.
Its current product portfolio includes razors, shaving cream, make up wipes, body lotion, lip balms, dry shampoo and body wash. Billie's strong direct-to-consumer and digital capabilities have underpinned its strong growth, positioning the brand well for its initial expansion into U.S. brick-and-mortar retail in early 2022.
The Billie brand complements and strengthens Edgewell's position in the women's shaving category, by adding to a portfolio of strong brands such as Schick Intuition, Hydro Silk and Skintimate.
Galderma to Acquire Alastin Skincare
(November 30) Galderma, an independent dermatology company, signed a definitive agreement to acquire Alastin Skincare Inc., a specialty aesthetics company dedicated to developing innovative and clinically-tested physician-dispensed skin care products.
Alastin’s premium skin care portfolio is fully incremental to and synergistic with Galderma’s integrated dermatology platform.
P&G to Acquire Hair Care and Lifestyle Brand, Ouai
(December 6) Procter & Gamble will acquire Ouai, a hair care and lifestyle brand. Company Founder Jen Atkins will remain with the company as chief creative officer. Colin Walsh will continue as chief executive officer.
A purchase price was not disclosed.
Since its inception in 2016, Ouai has expanded beyond hair care into candles, body care, fragrances and supplements. Like many other brands born in the past five years, Ouai relies on its loyal customers for input on product development. The brand has more than 4.2 million followers on Instagram and connects with them via surveys.
Orveon Acquires bareMinerals, Buxom & Laura Mercier from Shiseido
(December 7) Advent International closed its agreement with Shiseido Americas, and has formed a new affiliate, Orveon.
Orveon is the new owner of three of Shiseido Americas's iconic cosmetic brands—bareMinerals, Buxom and Laura Mercier.
Orveon plans to accelerate the growth of these brands by focusing on their quality, innovation and authenticity.
L’Oréal to Acquire Skin Care Brand Youth to the People
(December 9) L’Oréal signed an agreement to acquire California-based skin care brand Youth to the People.
Youth to the People was founded in Los Angeles in 2015 by two cousins, Greg Gonzalez and Joe Cloyes. The brand is inspired by their grandmother, Eva, who started a professional skin care line 40 years ago, utilizing plant extracts and innovative active ingredients. The brand’s growth has been supported by its investors, Sandbridge Capital, Strand Equity and Carisa Janes.
Youth to the People develops and markets high-performance skin care products known for formulas that combine premium vegan blends of superfood extracts and science.
Available in the U.S., Canada, Australia, and in select European countries, the brand is marketed through an omnichannel distribution – mix of D2C e-commerce and selective distribution.
According to L’Oréal, the brand was expected to record over $50 Million of sales in 2021.
Eurazeo Acquires Controlling Stake in Clean Beauty Brand Beekman 1802
(December 15) Eurazeo, a global investment group, agreed to acquire a controlling stake in Beekman 1802, a high growth clean beauty brand offering a line of premium skin care and body care products that leverage microbiome science and harness the benefits of goat milk.
Eurazeo is investing $62 million out of a total of $92 million to acquire a majority stake alongside co-investors Cohesive Capital Partners and the Cherng Family Trust.
Inter Parfums Enters Exclusive Licensing Agreement with Emanuel Ungaro Fragrances
(December 16) Through its newly created subsidiary Interparfums Italia, Inter Parfums Inc., entered into a 10-year exclusive global licensing agreement with Emanuel Ungaro for the creation, development and distribution of fragrances and fragrance-related products, under the Emanuel Ungaro brand.
The International Class 3 agreement, which includes a five-year renewal option, also encompasses home fragrance, skin care, cosmetics and travel amenities, and goes into effect on January 1, 2022.
Blackstone Growth Invests in Protective Skin Care Brand Supergoop!
(December 21) Blackstone Growth entered into a definitive agreement for a majority investment in Supergoop!, a protective skin care brand that puts SPF at the forefront.
The company, founded by former teacher and skin care industry pioneer Holly Thaggard, has enjoyed tremendous growth over the past five years given an increasing recognition of the importance of daily skin protection.
The investment will help fuel Supergoop!’s commitment to launch category-creating innovations; drive consumer behavior change through education and brand marketing; and expand the company’s national and global reach.
Verescence Acquires Majority Stake in Pacificglas
(February 26) Verescence, an expert in luxury glass packaging for the Perfumery and Cosmetics industries, acquired a majority stake in Pacificglas, a Korean leader for glass packaging in Cosmetics industries and a long-term partner of Amorepacific.
TricorBraun Announces Acquisition of NJ-Based SGB Packaging Group
(July 22) TricorBraun announced the acquisition of New Jersey-based SGB Packaging Group, Inc. The move strengthens TricorBraun’s presence in the cosmetics, skincare, fragrance, and personal care industries. In addition, the acquisition further expands TricorBraun’s global supplier network.
LG Acquires Majority Stake in Vegan Hair Dye Manufacturer Boinca
(September 8) LG Household & Healthcare purchased a 56% stake in Boinca, a California-based vegan hair dye manufacturer, at $100 million.
The purchase is intended to boost LG’s overseas hair care business and strengthen its competitiveness in the premium hair care product market.
Boinca owns high-end hair color dye brand Arctic Fox, which is popular among young customers thanks to its successful social media marketing and its opposition to animal testing. Furthermore, the vegan, semi-permanent hair dye brand is Amazon’s best-seller in its category.
Pretium Packaging Acquires Alpha Packaging
(September 21) Pretium Packaging L.L.C., a designer and manufacturer of packaging solutions backed by Clearlake Capital Group L.P. in partnership with management, signed a definitive agreement to acquire Alpha Consolidated Holdings Inc., a provider of sustainable packaging solutions to customers in the health and wellness, specialty food and beverage, home and personal care, and other sectors, from Irving Place Capital. Financial terms of the transaction were not disclosed.
TricorBraun To Acquire Cormack Packaging
(September 23) TricorBraun, North America’s largest distributor of primary packaging, entered into an agreement to acquire Cormack Packaging.
Cormack is an Australian family-owned business that spans three generations with over 80 years of packaging experience. The company primarily serves the food and beverage, pharmaceutical, personal care, industrial and household cleaning industries.
Airlite Plastics Acquires Cosmetic Specialties International
(October 4) Omaha-based packaging manufacturer Airlite Plastics acquired Cosmetic Specialties International (CSI), a U.S. manufacturer of cosmetic containers for the beauty and skin care industries.
Rohrer Corporation Acquires Coburn Carton Solutions
(October 5) Rohrer Corporation, a retail-packaging designer and manufacturer, closed the acquisition of Coburn Carton Solutions, a premier printer and folding carton converter.
The addition of Coburn to Rohrer strengthens Rohrer’s printed folding carton capabilities with the strengthening of structural design, addition of large-format printing, and expertise in folding and gluing. Coburn’s strength in folding cartons will be integrated into Rohrer’s broad paperboard packaging product offering across new and existing customers and new industries.
Silgan Holdings Acquires Unicep Packaging
(October 7) Silgan Holdings Inc., a supplier of sustainable rigid packaging solutions for consumer goods products, acquired Unicep Packaging.
As a Specialty Contract Manufacturer and Developer (SCMD) solutions provider, Unicep develops, formulates, manufactures and sells precision dosing dispensing packaging solutions, such as diagnostic test components, oral care applications and skin care products, primarily for the health care, diagnostics, animal health, oral care and personal care markets. It operates two manufacturing facilities located in Spokane, Washington and Sandpoint, Idaho and is projected to generate approximately $45 million in sales and approximately $18.3 million in adjusted EBITDA for 2021.
kdc/one to Acquire V Manufacturing & Logistics
(October 13) Knowlton Development Corporation (kdc/one) announced an agreement to acquire V Manufacturing & Logistics (VML), a manufacturer specializing in small batch beauty and personal care products, based in Walnut, CA. Financial terms have not been disclosed.
According to kdc/one, VML’s expertise in small batch formulation and manufacturing will enhance kdc/one’s ability “to offer end-to-end integrated solutions to fast growing beauty brands, enabling them to stay ahead of industry trends and efficiently bring products to market.” The introduction of a small run specialist to the network will also provide the necessary flexibility to offer personalized product capabilities to brands across the organization’s portfolio.
Rohrer Corporation Acquires Jay Packaging Group
(December 20) Rohrer Corporation, a retail-packaging designer and manufacturer, closed the acquisition of Jay Packaging Group, a premier specialty printing and thermoforming company.
The addition of Jay Packaging Group to Rohrer strengthens the combined capabilities of both companies in the areas of high-end printing and decorating, carded blister, thermoformed, and folded carton packaging.
