Bluegem sells Beautynova majority stake to PAI Partners

London-based Bluegem, the private-equity firm, has struck a deal with PAI Partners for the latter to acquire a majority stake in Beautynova, the professional haircare platform.

The acquisition will be made through PAI’s fund dedicated to mid-market opportunities, and upon completion, while PAI will own a controlling stake, Bluegem will maintain “a significant shareholding alongside a syndicate of Bluegem co-investors”.

Beautynova, whose HQ is in Italy, owns a premium portfolio of brands, including milk_shake, z.one concept, and Medavita. It also develops professional haircare products across hair treatment, colouring and styling.

It exports to more than 70 countries, generating 70% of revenues outside Italy, mainly in the US and Europe, through professional and consumer channels.

Bluegem has owned it since 2020 and has more than tripled its sales, as well as expanding it geographically, “with a particular focus on the US, which today generates 18% of the company’s sales”.

And it said the company now has “a strong platform to accelerate that growth across all its major markets”.

Emilio Di Spiezio Sardo, Bluegem Founding Partner, said: “Beautynova exemplifies our playbook of creating alpha returns from everyday consumer staple businesses. Through partnering with a strong management team in an industry with robust fundamentals, we have delivered business transformation underpinned by international expansion, digitalisation and new product development. We are excited to share the second part of our journey with PAI Partners, a global investor with a strong track record in consumer businesses and a global footprint.”

And Stefano Banfo, Beautynova CEO, added: “Emilio and Bluegem have been a true partner, bringing unwavering support for our innovative vision and enabling meaningful growth. 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. We look forward to working with PAI and Bluegem as we continue on this exciting journey of innovation and growth.”

Bluegem funds are also invested in Mamas & Papas and previously invested in businesses including Jack Wills and Liberty London.