The cosmetics manufacturer L’Occitane International is to purchase the luxury British skincare brand Elemis for $900 million in cash.
Elemis is being sold by Steiner Leisure Limited, a portfolio company of L Catterton. The largest and most global consumer focused private equity firm.
Founded in 1990, Elemis is a world leader in skincare and is the number one independent skincare brand to come out of Britain. The award-winning skincare franchise has built its offering into that of a lifestyle brand over the last 30 years to launch into spas, salons, stores and e-tailers.
Reinold Geiger, chairman and chief executive officer of L’Occitane, said: “We are pleased to welcome the Elemis business, brand and people to the L’Occitane family. It is a major step forward for L’Occitane in building a leading portfolio of premium beauty brands.
“Emelis is well positioned for continued global growth due to the brand’s broad appeal, award-winning product portfolio, robust new product development pipeline and effective consumer-focused digital and brick and mortar distribution strategy.
“We have long admired Elemis for its commitment to natural ingredients and scientific innovation and we look forward to utilising our expertise in the category to expand the brand’s footprint around the world.”
Sean Harrington, co-founder and chief executive officer of Elemis, added: “We are thrilled to announce this agreement with L’Occitane, which will strengthen the continued growth and momentum behind our timeless brand and remarkably transformative products.
“Reinold Geiger has a strong history of developing and supporting brands like ours that are creating products sourced from nature and developed through cutting edge science and technology. With his inspiring and entrepreneurial leadership, I am confident that through this transaction, we can continue to realise our mission of delivering extraordinary products and experiences and grow Elemis into one of the leading skincare brands in the world.”
The transaction is expected to close in the first quarter of 2019.