Beauty firm MBO supported by LDC Midlands team
A BIRMINGHAM-based team at private equity provider LDC has supported the secondary management buy-out of beauty accessories supplier Original Additions for an undisclosed sum.
Original Additions has been in the beauty accessories market for more than 30 years, selling branded eyelashes, nails and professional beauty products with a turnover of over £30million. Brands include Eylure, Elegant Touch and Salon System.
The company has recently launched ranges in the US and China with plans to expand through health and beauty chains in both countries.
LDC has backed Middlesex-based Original Additions’ existing management team, led by Simon and Matthew Zussman.
Following the deal, two senior board appointments have been announced, with Michael Thompson joining as chairman and Tracy Lewis as a non-executive director. Mr Thompson was previously president of Proctor & Gamble’s Global Prestige fragrance business which includes Hugo Boss, Giorgio Beverley Hills, Max Factor and Oil of Olay and was also non-executive director at health and beauty business, Simple.
Ms Lewis is chief executive of lingerie and bra swimwear designer Eveden Group – an existing LDC Midlands portfolio business.
The deal was led by LDC investment directors Paul Figgins and Andy Grove who will join the board with immediate effect.
Original Additions MD Simon Zussman said: “The strategic support and financial backing of LDC at this stage of our growth, along with the experience and expertise that is being brought to the board, represents a very exciting opportunity for us.
“With the continuing popularity of our high profile false eyelashes and nails brands in the UK, together with a rapidly expanding overseas presence, the investment will support Original Additions in further realising its future growth ambitions.”
LDC’s Paul Figgins, said: “By working in close partnership with the incumbent management team and leveraging the vast industry experience brought to the group by Mike Thompson and Tracy Lewis, we believe that Original Additions represents an exciting investment opportunity for LDC.
“We will fully support Original Addition’s strategy to drive further growth within the UK and across the group’s existing international distributor network, as well as helping to increase sales and market share in the USA.”
Eversheds acted as legal adviser to LDC. Quayle Munro acted as financial adviser and Taylor Wessing acted as legal advisers to Original Additions.
