Yorkshire advisors help secure ‘beautiful’ deal
AROMATHERAPY Associates has been bought out by Skincity – the first in a number of anticipated acquisitions in the health, beauty and lifestyle markets.
Aromatherpy Associates (AA) was founded by Keighley-born Sue Beechey and Geraldine Howard more than 30 years ago.
Today, the Middlesex-based business boasts worldwide distribution through exclusive hotels and spas in more than 30 countries in Europe, North America, and Asia.
Clients include The Dorchester in London and Sandy Lane in Barbados.
Leeds law firm The Needle Partnership and the Leeds office of Baker Tilly were advisors on the deal.
AA’s products are also distributed through premium retailers such as SpaceNK and through a direct-to-consumer online channel.
Its products and treatments are greatly acclaimed by the UK’s leading beauty journalists and are frequently described as ‘best in class’ by prestigious titles such as Harpers Bazaar, Vogue, Marie Claire, Good Housekeeping and In Style.
The deal for an undisclosed sum will see Ms Howard continue to run the company.
Herefordshire-based Skincity is headed by Ian Richardson and Dr Magdy Ishak, who previously built up and sold Covenant Healthcare Group for £170m.
Mr Richardson – a former lawyer with Eversheds in Yorkshire – said: “Geraldine and Sue have built an immensely strong brand with a remarkable global reach and recognition.
“We’re delighted to be working with Geraldine and the rest of the team to help it further expand and hope this will become the foundation of a larger personal products group based on transforming daily routines into luxurious and deeply beneficial lifestyle experiences.”
Sharon Needle, managing partner of The Needle Partnership, said: “We are delighted to have acted for Skincity in what is the first of a series of strategic acquisitions they are seeking to make in this exciting market.
“The acquisition of a leading business such as Aromatherapy Associates bolsters Skincity’s compelling market proposition and bodes well for the future.”
Mark Pownall, partner at the Leeds office of Baker Tilly Corporate Finance, added: “The deal is also another encouraging sign for the Yorkshire deals market. Mergers and acquisitions activity appears to have picked up considerably over the last few months and the signs are that it will continue into 2010.”
