Piper takes significant minority stake in Neom Organics
Private equity firm Piper has invested growth capital into Neom Organics. The firm has taken a “significant” minority stake in the beauty and wellbeing brand.
Founded in 2005 by former Glamour magazine editor Nicola Elliott and her friend Oliver Mennell, Neom is based in Harrogate and employs 50 people. Retail sales have grown by 35% in the last year to reach £18 million.
The company’s home fragrance and skincare ranges are sold through department stores such as John Lewis, Selfridges and Fenwick in the UK as well as in international stores such as Isetan in Japan. Neom also has an online business and three retail stores in Chelsea, Wimbledon and Leeds.
Mennell, a former investment analyst, said: “We first met Piper in 2009 and, since then, we have regularly worked with the team and drawn on their knowledge and expertise to help us achieve our growth ambitions.”
Neom said Piper’s investment will help it to expand its product range, develop its senior team, open additional stores and increase its international footprint.
It is the third investment from Piper’s sixth fund, Piper VI, which recently closed at £125 million.
Libby Gibson, partner at Piper, said: “We have admired Neom for many years and have been consistently impressed with the quality of its products and how the brand addresses a real and growing consumer need. We look forward to helping Nicola, Oliver and the team build on their success.”
