(Alliance News) - THG Holdings PLC on Wednesday said it will part with USD60 million to acquire US brand Perricone MD, in the retailer's first acquisition since its London float.
Perricone, which is owned by private equity firm Lion Capital LLP, specialises in anti-ageing products.
Lion Capital is known for its investments in the consumer goods market and has previously had British potato chips maker Kettle Foods, soft drinks maker Orangina Schweppes and Bristol-based cafe and bar operator Loungers PLC among its investees.
Sky News reported late Tuesday that THG was on the verge of acquiring Perricone.
"The online beauty and skincare sector is growing rapidly, and this acquisition enables us to further strengthen our position as the world's leading pure-play speciality beauty brand owner and retailer," THG Chair & Chief Executive Officer Matthew Moulding said.
THG, also known as Hut Group, raised GBP1.88 billion in its London stock market float earlier in September.
Manchester-based Hut - which has operations within its Beauty, Nutrition and Ingenuity arms - owns brands such as online cosmetics company Lookfantastic and wellness unit Myprotein. Its Ingenuity e-commerce technology platform serves blue-chip customers such as Nestle SA, Walgreens Boots Alliance Inc and Procter & Gamble Co.
THG shares were 2.4% lower at 589.28 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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