The Hut Group to acquire US skincare manufacturer
The Hut Group has agreed to acquire Bentley Laboratories, the US-based developer and manufacturer of prestige skincare and haircare products, in a $255 million deal.
The purchase is expected to complete within the next 30 days.
Until now, THG has been a customer of Bentley which manufactures its Perricone MD brand. THG said the 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.
As Bentley already partners with over 70 prestige beauty companies across the world, THG said the deal will also provide it with an opportunity to improve the service to these brands.
Bentley is expected to contribute sales of around $77 million and adjusted EBITDA of around $15 million in the 2022 financial year.
Matthew Moulding, executive chairman and chief executive of THG said: “The US is an important growth market for THG. This investment within our THG Labs division supports the Group’s vertical integration strategy, while further deepening our close and important relationships with brand owners across the global beauty industry.
“Bentley provides THG with US-based, pre-eminent in-house skincare and haircare new product development capabilities and manufacturing, which will be leveraged across THG’s expanding own beauty brand portfolio, as well as THG’s partner brands across Ingenuity and Beauty to embed THG even more deeply as a strategic partner to clients.”
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