Spa product house Aromatherapy Associates (AA) was sold last night to B&B Investment Partners, a new fund – established in November 2013 – with plans to invest in health, wellness, beauty and personal care brands.
B&B is a partnership between Alliance Boots, owner of UK high street chemist Boots, and the principals of B&B Investment Partners, Chris Britton and Jean-Philippe Barade.
AA was founded in 1985 by entrepreneurs Geraldine Howard and Sue Beechey. The company is a world leading supplier of aromatherapy-based products to the professional spa sector, with contracts including Mandarin Oriental, Four Seasons, Fairmont and Orient Express Hotels.
Howard and Beechey sold the company to entrepreneur Ian Richardson in 2009 via his investment company Optivi and expansion followed, including the opening of a high street store and day spa in London's Knightsbridge and the development of global sales.
The acquisition by B&B – for an undisclosed sum – is one of the first to be completed by the new investment business.
Howard will stay with the company as president and told Spa Business "We're hugely excited to be working with B&B to maximise the potential for Aromatherapy Associates. Not only do they share our vision for the brand, they also bring with them huge levels of expertise that will help grow the business globally".
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.”
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About B&B Investment PartnersBackground to the 2009 acquisition of Aromatherapy Associates by Optivi: Aromatherapy Associates' profile
