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Professional Hair Care Platform Beautynova Is Being Acquired by PAI Partners

PARIS — Private equity firm PAI Partners has agreed to acquire a majority stake in Beautynova, a global professional hair care platform, from Bluegem Capital Partners.

Financial terms of the agreement were not disclosed, but PAI said it will make the transaction through its mid-market fund PAI MMF. After the deal is completed, Bluegem and a syndicate of Bluegem co-investors will maintain a significant shareholding.

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Beautynova, based in Milan, owns premium brands including Milk_Shake, Z.One Concept, Depot and Medevita. The company develops professional hair care products in the treatment, coloring and styling segments, and boasts more than 18,000 formulas.

Beautynova exports to more than 70 countries, and 70 percent of the group’s ales are generated abroad, mostly in the U.S. and elsewhere in Europe through both professional and consumer channels.

Bluegem in October 2020 acquired what was then called Panzeri Diffusion, which traded in the professional hair care category. It was founded in 1999 by Ivano Panzeri in Malnate, Italy. That deal was made through Bluegem’s Pool Service subsidiary, which was created in September 2019 after Bluegem purchased Pool Service/Medavita group. The aim with that transaction was to create an aggregator platform in the professional hair care category.

In 2019, Panzeri posted sales of about 49 million euros.

A Medevita product.
A Medevita product.

“Under Bluegem’s ownership since 2020, Beautynova has evolved into a leading professional hair care platform, more than tripling its sales and experiencing substantial geographic expansion, with a particular focus on the U.S., which today generates 18 percent of the company’s sales,” PAI said in a statement released Monday.

The plan is to step up those gains in all of Beautynova’s leading markets and to further develop its brands.

“PAI, which has completed 38 buyouts in the food and consumer sector since inception, will draw on its significant experience in the sector to help Beautynova continue to adapt to evolving consumer trends,” PAI said.

“Over the last four years the company has strengthened the senior management team and invested in state-of-the-art production facilities, world-class ERP systems and innovative product development, ensuring we have the resources and expertise to push boundaries and set new industry standards,” said Stefano Banfo, chief executive officer of Beautynova.

“Beautynova exemplifies our playbook of creating alpha returns from everyday consumer staple businesses,” said Emilio Di Spiezio Sardo, Bluegem founding partner. “Through partnering with a strong management team in an industry with robust fundamentals, we have delivered business transformation underpinned by international expansion, digitalization and new product development.”

“Beautynova is an excellent business with a well-diversified offering and strong footprint in the attractive and resilient global professional hair care market,” said Raffaele Vitale, a founding partner of PAI MMF.

The global professional hair care market is expected to continue notching up robust growth. It registered sales of almost $22.39 billion in 2023 and is projected to grow at a compound annual growth rate of 5.3 percent between 2024 and 2032, according to Expert Market Research.

PAI has more than 26 billion euros of assets under management.

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