Former Yorkshire lawyer turned healthcare entrepreneur strikes deal with Boots

UPMARKET supplier of natural cosmetics, skin care products and spa treatments business, Aromatherapy Associates (AA), has been sold to B&B Investment Partners.

AA, which has it products based in leading hotels, resorts and day spas internationally, as well as retailers including Liberty, Fortnum and Mason and Selfridges, 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.

Ian Richardson, a former Yorkshire-based corporate partner with Eversheds, acquired Aromatherapy Associates in December 2009 via his investment company Optivi. Optivi specialises in investing within the health, skin care and general well-being sectors and notwithstanding this transaction retains a significant portfolio of related businesses, including this is my – a health screening and ultrasound imaging service with centres in Leeds, Hull, Manchester and London, and Lifestyle Aesthetics, a lifestyle, beauty treatments and cosmetics company.
 
After leaving Eversheds in 2002, where he led the creation of its northern offices’ venture capital team before being instrumental in establishing the firm’s offices in Hong Kong, Singapore and Malaysia, Hull-born Richardson, who is the chairman of Leeds solicitors The Needle Partnership, formed Covenant Healthcare Group with Dr Madgy Ishak. Together, with support from the Bank of Scotland and Phoenix Equity Partners, they embarked on a series of acquisitions before selling the group in 2005 for £170m.
 
The acquisition, for an undisclosed sum, is one of the first major deals to be completed by B&B Investment Partners, which is the manager of a newly-formed specialised investment fund established in partnership with retail giant Alliance Boots, and which focuses on small and medium sized consumer brand businesses within the health, wellness, beauty and personal care sectors.

Richardson said: “This is a fantastic opportunity for Aromatherapy Associates and a good deal for the shareholders. The hard work over the last few years, during which time we have improved the sales team and elevated brand awareness, places the organisation in a wonderful position for B&B Investment Partners to utilise its experience and contacts to develop the business into a major retail brand.”